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Posted July 20, 2017

Snap-on sales up 5.6 percent

Snap-on Incorporated reported net sales of $921.4 million increased 5.6 percent from 2016 levels in the second quater.


The increase reflected a 2.7 percent organic sales gain and $38.4 million of acquisition-related sales, partially offset by $12.5 million of unfavorable foreign currency translation.

Net earnings of $153.2 million, or $2.60 per diluted share, compared to net earnings of $140.1 million, or $2.36 per diluted share, a year ago.

Commercial & Industrial Group segment sales of $310.0 million in the quarter increased 8.5 percent from 2016 levels, reflecting a $13.3 million, or 4.7 percent, organic sales gain, $15.9 million of acquisition-related sales, and $4.9 million of unfavorable foreign currency translation.

Snap-on Tools Group segment sales of $413.8 million in the quarter decreased 0.7 percent from 2016 levels, reflecting a $2.1 million, or 0.5 percent, organic sales gain and $5.0 million of unfavorable foreign currency translation.

Repair Systems & Information Group segment sales of $338.1 million in the quarter increased 14.5 percent from 2016 levels, reflecting a $24.1 million, or 8.3 percent, organic sales gain, $22.5 million of acquisition-related sales and $3.7 million of unfavorable foreign currency translation.

Financial Services operating earnings of $54.6 million on revenue of $77.7 million in the quarter compared to operating earnings of $49.5 million on revenue of $69.3 million a year ago.

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