Kenosha, WI-based tool maker Snap-on reported its 2017 third quarter financial figures on Friday, which included a solid year-over-year increase in total sales, while its Tools Group posted a minor decline.
The company posted Q3 total sales of $904 million — up 8.4 percent year-over-year and down 1.9 percent from Q2. Third quarter organic sales increased 2.3 percent, while acquisitions added $44.3 million to total sales. Total profit of $133.4 million increased $1.7 million from a year earlier, while operating profit of $153.1 million was down slightly from $157.6 million.
"We’re encouraged that in the third quarter we increased both sales and net earnings through our steadfast commitment to our runways for growth and improvement, despite challenges on a variety of fronts, including the recent hurricanes," Snap-on chairman and CEO Nick Pinchuk said.
By business segment in Q3:
Snap-on Tools Group sales of $392.7 million decreased 1.1 percent year-over-year, with organic sales down 1.6 percent. The company said the decline included lower sales in U.S. franchise operations. Operating profit of $56.3 million was down $8.3 million from a year earlier, with profit margin sliding from 16.3 percent to 14.3 percent.
Repair Systems & Information Group sales of $333.5 million increased 16.6 percent year-over-year, with organic sales up 8.2 percent. Acquisition-related sales of $21.6 million boosted the overall total. The company said the organic increase 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.
Commercial & Industrial Group sales of $314.6 million increased 8.8 percent year-over-year, with organic sales up 0.2 percent. Acquisition-related sales of $22.7 million boosted the overall total. The company said the organic sales increased was primarily from higher sales to customers in critical industries and gains in the unit's European-based hand tools business, substantially offset by lower sales of power tools and in the unit's Asia/Pacific operations.