Snap-On reports strong Q2

Kenosha-based tool manufacturer Snap-On Inc. today reported second quarter net income of $123 million, or $2.03 per share, up from $108.8 million, or $1.80 per share, in the second quarter of 2014.

Operating income was $192.2 million, up from $172.9 million in the same period a year ago.

Revenue totaled $851.8 million, up 3.1 percent from $826.5 million in the second quarter of 2014. Adjusted for the negative impact of foreign currency translation and $2.8 million in acquisition-related sales, organic sales would be up 8.4 percent, the company said.

“We’re encouraged by the ongoing progress reflected in our second quarter results, including 8.4 percent organic sales growth, a 17.7 percent operating margin before financial services, representing a 100 basis point improvement, and a 12.8 percent increase in diluted earnings per share,” said Nick Pinchuk, chairman and chief executive officer. “We believe these results once again validate Snap-on’s ability to build upon our unique combination of capabilities in serving serious professionals and to successfully navigate our runways for coherent growth and operating improvement in multiple industries across varied geographies. Finally, this continued progress is only possible as a result of the tremendous dedication, effort and skill across the Snap-on team. In that regard, I thank our franchisees and associates worldwide for their contributions, commitment and support.”

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