Snap-on Incorporated has seen sales grow $20.5 million to $872.3 million, an increase of 2.4% on 2015 numbers.
Excluding $10.2 million of currency conversion and $5.9 million of acquisition sales, organic sales grew $24.8 million (2.9%).
The Snap-on Tools Group segment sales of $416.7 million in the quarter rose $18.0 million, or 4.5%, from 2015 levels. Excluding $4.7 million of unfavourable foreign currency translation, organic sales were up 5.8%, reflecting similar sales increases in both the company’s US and international franchise operations.
“We believe our second quarter results continue to confirm Snap-on’s capabilities in serving serious professionals performing critical tasks in workplaces of consequence around the world,” said Nick Pinchuk, Snap-on Chairman and CEO. “This performance, which includes 2.9% organic sales growth and a 16.3% increase in diluted earnings per share, demonstrates further progress along our defined runways for coherent growth and ongoing strength in automotive repair while overcoming continuing headwinds in certain challenging end markets and geographies…These results and achievements reflect significant effort and dedication across the organisation and I thank our franchisees and associates worldwide for their extraordinary contributions and commitment.”