Wisconsin-based tool manufacturer Snap-on posted 1Q24 sales of $1.18 million, a modest organic sales decline.
Despite uncertainty and turbulence in the environment, first-quarter sales for tools, tool storage and equipment manufacturer Snap-on remained consistent with last year.
Kenosha, WI-based Snap-on posted 1Q24 sales of $1.18 million, down 0.1% from 2023 levels, reflecting a $9.9 million, or 0.8%, organic sales decline, partially offset by $6.7 million of acquisition-related sales and $2.5 million of favorable foreign currency translation.
Operating earnings before financial services for the quarter were $270.9 million compared to $259.8 million in 2023. Net earnings in the quarter were $263.5 million, or $4.91 per diluted share, compared to net earnings of $248.7million, or $4.60 per diluted share, a year ago.
By Snap-on business unit in 1Q24:
- Snap-on Tools Group sales of $500 million in the quarter decreased from $537.0 million last year, reflecting a 7.0%, organic sales decline due to lower activity in the U.S. operations, partially offset by higher sales in the segment’s international operations.
- Repair Systems & Information Group sales of $463.8 million increased from $446.6 million last year, reflecting a 3.3%, organic sales increase attributed to increased activity with OEM dealerships and higher sales of undercar equipment.
- Commercial & Industrial Group sales of $359.9 million decreased from $363.8 million last year, reflecting a 2.5%, organic sales decline. The decrease is primarily due to declines in the segment’s power tools and Asia-Pacific operations, partially offset by higher activity with customers in critical industries.
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Vesna Brajkovic
Vesna Brajkovic is MDM’s Senior Editor, having joined the company in May 2023. She has more than seven years of experience as a B2B publication editor, having focused on the commercial trucking, railroad, transit, fleet maintenance, automotive aftermarket and aviation industries. Brajkovic most recently spent the past two-plus years as Managing Editor of Heavy Duty Trucking for Bobit Business Media — where she reported and edited news and features on the commercial trucking industry, managed eNewsletters and social media, coordinated print magazine production and developed content for events and multimedia such as podcasts and videos. She can be contacted at vesna@mdm.com.
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