Snap-on Sales & Profit Gains Continue In Q1

Snap-on's commercial & industrial group sales decreased 3.5 percent from a year ago, but the company's Tools Group and Repair Systems & Information Group each had healthy gains.

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Kenosha, WI-based tool maker Snap-on reported its 2016 Q1 fiscal performance on Thursday, showing continued year-over-year gains in organic sales and profit.

The company posted Q1 total sales of $834.2 million, up 0.8 percent from a year earlier, while organic sales increased 2.5 percent. Total profit of $128.3 million was a 16.1 percent jump from Q1 2015.

By segment:

  • Commercial & Industrial Group segment Q1 sales of $287.0 million decreased 3.5 percent from a year ago, with a 1.3 percent decline in organic sales. Snap-on said lower sales to customers in critical industries were partially offset by gains in the segment’s Asia/Pacific and power tools operations and higher sales from the segment’s European-based hand tools business. 
  • Snap-on Tools Group segment Q1 sales of $402.5 million rose 6.4 percent from a year ago, with an 8.1 percent increase in organic sales. The company said the increase reflects sales increases in both the its U.S. and international franchise operations.
  • Repair Systems & Information Group segment Q1 sales of $278.8 million rose 2.4 percent from a year ago, with a 3.1 percent increase in organic sales. The company said the increase was primarily 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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