Snap-on sales up 7.5 percent for year
Snap-on Incorporated reported full-year 2017 net sales of $3.7 billion, an increase of 7.5 percent from 2016 levels.
The increase reflected a 3.4 percent organic sales gain of $115.0 million and $141.5 million of acquisition-related sales. Full year net earnings of $557.7 million, or $9.52 per diluted share, compared to net earnings of $546.4 million, or $9.20 per diluted share, last year.
Net sales of $974.6 million in the fourth quarter increased 9.5 percent from 2016 levels, reflecting a $38.9 million, or 4.3 percent, organic sales gain, $29.7 million of acquisition-related sales and $16.2 million of favorable foreign currency translation.
Net earnings in the fourth quarter were $129.5 million, or $2.24 per diluted share, compared to net earnings of $146.3 million, or $2.47 per diluted share a year ago.
“We’re encouraged by our fourth quarter and full year 2017 results,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “Our fourth quarter net sales growth of 9.5 percent, or 4.3 percent organically, was the highest of any quarter in 2017, with further progress along our runways for growth in both the Commercial & Industrial Group and the Repair Systems & Information Group more than offsetting continuing sales headwinds in the Snap-on Tools Group."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
