Posted April 21, 2011
Snap-on sales up 11.6%
Snap-on Incorporated reported sales of $693.7 million increased $72.1 million, or 11.6%, from 2010 levels.
Gross profit of $330.6 million improved to 47.7% of sales compared with 46.3% a year ago. Net earnings of $56.2 million, or 96 cents per diluted share, increased from $36.8 million, or 63 cents per diluted share, a year ago.
Snap-on Tools Group segment sales of $282.0 million in the first quarter increased $33.5 million, or 13.5%, from 2010 levels.
Commercial & Industrial Group segment sales of $272.4 million in the first quarter increased $25.4 million, or 10.3%, from 2010 levels, primarily reflecting continued higher sales to customers in emerging markets and increased sales in the segment's European-based hand tools business.
"We are very encouraged by Snap-on's first quarter performance," said Nick Pinchuk, Snap-on chairman and chief executive officer.
