Snap-on revenue, earnings up in Q2

Net income up almost 17 percent

Kenosha-based Snap-on Inc. reported net income of $140.1 million during the second quarter of fiscal 2016, a 16.8 percent increase. The tool maker had earnings of $2.36 per diluted share, up from $2.03 during the same period last year.

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The company reported revenue of $872.3 million, a 2.4 percent increase, with organic sales up $24.8 million or 2.9 percent.

Sales in the company’s commercial and industrial group were down $10.1 million, or 3.4 percent, to $285.7 million. Lower sales to critical industries were offset by gains in power tools in the Asia-Pacific region and hand tools in Europe.

The tools group saw revenue jump $18 million, or 4.5 percent, to $416.7 million, with similar sales in both U.S. and international franchise operations.

Revenue in the repair systems and information group was up $17.8 million, or 6.4 percent, to $295.2 million. Organic sales were up 5.2 percent due to higher sales of diagnostic and repair information products to independent repair shop owners and managers, increased sales of undercar equipment and higher sales to OEM dealerships.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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