Snap-on Improves With Q3 Sales And Profit Gains

The company posted a 13 percent profit gain, with organic sales growth across all three business segments.

Kenosha, Wisconsin-based tool and equipment maker Snap-on reported a strong 2015 third quarter on Thursday, showing a modest sales gain and a healthy profit gain.

The company posted Q3 sales of $821.5 million, up 1.9 percent from last year. Excluding the impacts of acquisitions and foreign currency headwinds, organic sales increased 7.3 percent. Meanwhile, profit of $116.8 million was up 13 percent from last year's $103.7 million.

Snap-on's Commercial & Industrial group segment had Q3 sales of $288.5 million, a 3.4 decrease from last year despite organic growth of 3.4 percent. The company said sales increases in the segment's European-based hand tools business and its Asia/Pacific and power tools operations were offset by lower sales to the military and to customers in the oil and gas sector. 

Sales in the Tools group segment of $380.6 million rose 7.2 percent from last year, with 11 percent organic growth.

Sales in Snap-on's Repair Systems & Information group were $282.9 million, up 4.3 percent from last year, with 8.2 percent organic growth. The company said the gains reflect increased sales to OEM dealerships, higher sales of undercar equipment, and gains in sales of diagnostic and repair information products to independent repair shop owners and managers.


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