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Snap-On 1Q Profit Up 26% On Strength In Tools Segment

DOW JONES NEWSWIRES Snap-On Inc.'s (SNA) first-quarter earnings rose 26% as the tool maker booked a double-digit increase in tool sales, along with higher commercial and industrial segment sales. The company controls a big chunk of the professional tool market, where it competes with Stanley Black & Decker Inc.'s (SWK) Mac Tools unit and Danaher Corp.'s (DHR) Matco. Snap-On gets more than half its sales from the U.S. and from the auto sector, but has sought growth in emerging markets and higher-margin segments such as power generation and aerospace. The company, which offers its products and services in more than 130 countries, has seen sales improve in recent quarters. Snap-On reported a profit of $71 million, or $1.21 a share, up from $56.2 million, or 96 cents a share, a year earlier. Net sales increased 6% to $735.2 million. Excluding currency impacts, organic sales were up 7%. Analysts polled by Thomson Reuters were expecting earnings of $1.16 a share on revenue of $737 million. The company's commercial and industrial segment sales rose 5.2%, while the tools group's sales climbed 12%. Meanwhile, sales in the repair systems group edged down 0.4%. Gross margin narrowed to 47.3% from 47.7%. Shares closed Wednesday at $59.65 and were inactive premarket. The stock is up 18% this year. -By Lauren Pollock and Anne Pallivathuckal, Dow Jones Newswires; 212-416-2356;

Stock News for Snap On (SNA)
10/20/201611:14:58Quarterly Report (10-q)
10/20/201606:36:31Current Report Filing (8-k)
10/20/201606:30:00Snap-on Announces Third Quarter 2016 Results
10/17/201606:45:00Snap-on to Acquire Car-O-Liner
10/06/201610:00:00Snap-on Incorporated to Webcast 2016 Third Quarter Results Conference...
09/08/201618:30:50Statement of Changes in Beneficial Ownership (4)
09/06/201612:14:00Snap-on to Present at CL King 2016 Best Ideas Conference
08/31/201609:00:00Snap-on to Present at RBC Capital Markets’ 2016 Industrials C...
08/29/201616:37:35Statement of Changes in Beneficial Ownership (4)
08/29/201616:36:42Statement of Changes in Beneficial Ownership (4)
08/19/201617:46:21Statement of Changes in Beneficial Ownership (4)
08/15/201616:51:08Statement of Changes in Beneficial Ownership (4)
08/04/201616:05:00Snap-on Incorporated Declares Quarterly Dividend
08/02/201610:25:00Snap-on to Present at Jefferies 2016 Industrials Conference
08/01/201617:04:25Statement of Changes in Beneficial Ownership (4)
08/01/201617:00:48Statement of Changes in Beneficial Ownership (4)
08/01/201616:58:25Statement of Changes in Beneficial Ownership (4)
08/01/201616:52:19Statement of Changes in Beneficial Ownership (4)
07/27/201617:08:53Statement of Changes in Beneficial Ownership (4)
07/21/201611:13:22Quarterly Report (10-q)

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