Snap-on Tools sales rise
KENOSHA, Wis. – Snap-on Inc. announced operating results for the first quarter of 2013.
“We’re encouraged with our first quarter performance, which included a significant improvement in operating margin and a 15.7 percent increase in diluted earnings per share, despite continuing headwinds that are impacting specific areas of our business,” said Nick Pinchuk, Snap-on chairman and chief executive officer.
Snap-on Tools Group segment sales of $327.3 million in the quarter rose $10.7 million, or 3.4 percent, from 2012 levels, reflecting sales gains across both the company’s U.S. and international franchise operations. Excluding $900,000 of unfavorable foreign currency translation, organic sales increased 3.7 percent.