Kenosha, WI-based tool maker Snap-on reported its 2017 second quarter financial figures on Thursday, led by solid improvement in overall sales and profit.
The company posted Q2 sales of $921.4 million — up 5.6 percent year-over-year. Organic sales increased 2.7 percent. Total profit of $153.2 million increased 9.4 percent and beat Wall Street expectations. Operating profit of $238.3 million increased 10.4 percent, while gross profit increased 7.3 percent.
By business segment in Q2:
Snap-on Tools Group sales of $413.8 million decreased 0.7 percent year-over-year, though organic sales increased 0.5 percent. Operating profit increased 5.6 percent. Operating profit of $42.7 million increased 8.7 percent.
Repair Systems & Information Group sales of $338.1 million increased 14.5 percent, with organic sales up 8.3 percent. The company said the organic gain included higher sales of diagnostics and repair information products to independent repair shop owners and managers, increased sales to OEM dealerships and higher sales of undercar equipment. Operating profit of $81.9 million increased 9.9 percent.
Commercial & Industrial Group sales of $310.0 increased 8.5 percent, with organic sales up 4.7 percent. The company said the organic gain was primarily from the group's European-based hand tools business and higher sales to customers in critical industries. Operating profit of $80.6 million increased 5.6 percent.