Two days after announcing the rebranding of its Snap-on Industrial brands as Williams, Snap-on reported its 2021 first quarter financial results on Thursday, showing major growth both year-over-year and when comparing against Q1 of 2019.
The tools, tool storage and automotive repair products supplier reported Q1 2021 total sales of $1.025 billion, up 20.2 percent year-over-year. That included a 16.3 percent gain in organic sales. Those figures outpaced Q4 2020 year-over-year growth of 12.5 percent and organic growth of 10.6 percent.
For perspective, Snap-on also included comparisons to Q1 of 2019 in its report, showing that the most recent quarter's sales increased 11.2 percent from that baseline, with organic sales up 8.1 percent.
Kenosha, WI-based Snap-on's Q1 operating profit of $266 million jumped 36.0 percent year-over-year, while total profit of $193 million likewise jumped 40.4 percent.
By Snap-on business segment in Q1:
Commercial & Industrial sales of $346 million increased 15.3 percent year-over-year, with organic sales up 9.5 percent. That compared with Q4 2020 sales that were up 3.3 percent and down 0.7 percent organically. Sales grew 7.2 percent overall and 3.1 percent organically compared to Q1 2019. The company said the organic increase primarily reflects higher sales in the segment's European-based hand tools business and Asia Pacific operations, as well as increased activity with customers in critical industries. Q1 2021 operating profit of $51 million was up from $31.5 million of a year earlier, with operating margin of 14.7 percent up 420 basis points.
Snap-on Tools Group sales of $478 million increased 27.2 percent year-over-year, with organic sales up 25.0 percent. That compares with Q4 sales that were up 20.2 percent and up 19.6 percent organically. Sales grew 16.6 percent overall and 15.1 percent organically compared to Q1 2019. The company said the organic increase reflects higher activity in both the segment's US and international operations. Q1 2021 operating profit of $99 million doubled the $49 million from a year earlier, with operating margin of 20.7 percent up 780 basis points.
Repair Systems & Information Group sales of $348 million increased 10.5 percent year-over-year, with organic sales up 7.6 percent. That compares with Q4 sales that were up 7.8 percent and up 7.0 percent organically. Sales increased 6.0 percent overall and 3.1 percent organically from Q1 2019. The company said the organic increase includes higher volumes of undercar equipment, increased sales of diagnostics and repair information products to independent repair shop owners and managers and higher activity within OEM dealerships. Q1 2021 operating profit of $81 million was up from $77 million of a year earlier, with operating margin of 23.4 percent down 120 basis points.
