Posted April 20, 2010
Snap-on posts 8.6% sales gain
Snap-on Incorporated said its first quarter sales of $621.6 million increased $49.0 million, or 8.6%, from 2009 levels.
Gross profit of $287.6 million improved to 46.3% of sales compared with 45.2% a year ago. Net earnings of $36.8 million, or 63 cents per diluted share, increased from $34.8 million, or 60 cents per diluted share, a year ago.
Commercial & Industrial Group segment sales of $297.5 million in the first quarter increased $37.7 million, or 14.5%, from 2009 levels. Excluding $12.1 million of foreign currency translation, organic sales increased $25.6 million, or 9.4%, reflecting continued growth in emerging markets, higher volumes of equipment and increased sales to industrial customers.
Snap-on Tools Group segment sales of $264.0 million in the quarter increased $21.6 million, or 8.9%, from 2009 levels; excluding $10.7 million of foreign currency translation, organic sales increased 4.3%.
