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Snap-on Tools comes out strong in Q2

Manufacturer Snap-on Tools came out strong in the second quarter despite housing market pressures and a weak consumer market, posting an earnings gain of 52.7 percent to $66.9 million compared with $43.8 million in the year-ago period.

Sales were up 7.6 percent to $766.1 million from $711.9 million in the same period last year.

Snap-on president and CEO Nick Pinchuk said the company overcame some “macroeconomic challenges” with the help of a “global and diverse customer base.”

The company’s three main operating groups performed as follows:

• The Snap-on Tools Group saw sales rise 3.1 percent to $292.8 million. International sales helped offset declines in North America -- sales in the United States dropped 4.1 percent, the company noted.

• The Commercial and Industrial Group saw segment sales of $387.7 million, up 16.9 percent from the prior year, on stronger global power tool sales. “Continued growth in emerging markets, increased sales of imaging alignment systems and higher sales of professional tools in Europe also contributed to the year-over-year sales increase,” the company said.

• The Diagnostics and Information Group had segment sales of $164.8 million, down slightly from last year on lower OEM program sales.

In the coming year, Snap-on said it plans to continue growth initiatives, particularly by expanding its presence in the “emerging markets of Asia/Pacific and Eastern Europe.”

Snap-on Tools is based in Kenosha, Wis.

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