Kenosha, WI-based tool manufacturer Snap-on reported its 2015 second quarter financial earnings on Tuesday, highlighted by a 13.1 percent increase in profit year-over-year.
Snap-on reported Q2 sales of $851.8 million, a 3.1 percent increase over last year. Organic sales increased by $65.9 million, or 8.4 percent. Foreign exchange headwinds negatively impacted sales by $43.4 million.
"We believe these results once again validate Snap-on’s ability to build upon our unique combination of capabilities in serving serious professionals and to successfully navigate our runways for coherent growth and operating improvement in multiple industries across varied geographies," said Nick Pinchuk, Snap-on chairman and CEO. "This continued progress is only possible as a result of the tremendous dedication, effort and skill across the Snap-on team."
Snap-on's Commercial and Industrial group had Q2 sales of $295.8 million, up 3.0 percent over last year. Organic sales grew 11.2 percent.
Snap-on Tools Group sales were $398.7 million, an 8.0 percent year-over-year increase. Organic sales grew 11.2 percent.
Snap-on's Repair Systems & Information Group had Q2 sales of $277.4 million, a 0.4 percent decrease from last year. Organic sales increased by 3.3 percent, reflecting higher sales of diagnostic and repair information products to independent repair shop owners and managers, increased sales to OEM dealerships, and higher sales of undercar equipment.
