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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)
07/21/201611:13:22Quarterly Report (10-q)
07/21/201606:36:17Current Report Filing (8-k)
07/21/201606:30:00Snap-on Announces Second Quarter 2016 Results
07/07/201610:15:00Snap-on Incorporated to Webcast 2016 Second Quarter Results Conference...
06/24/201612:45:23Annual Report of Employee Stock Plans (11-k)
06/10/201617:53:50Statement of Changes in Beneficial Ownership (4)
06/10/201617:52:29Initial Statement of Beneficial Ownership (3)
06/09/201617:02:19Current Report Filing (8-k)
06/09/201616:05:00Snap-on Incorporated Appoints David C. Adams to Board of Directors
05/31/201606:03:20Specialized Disclosure Report (sd)
05/17/201617:56:10Statement of Changes in Beneficial Ownership (4)
05/03/201609:00:00Snap-on to Present at Oppenheimer 2016 Industrial Growth Conference
05/02/201617:32:14Statement of Changes in Beneficial Ownership (4)
05/02/201617:23:35Statement of Changes in Beneficial Ownership (4)
05/02/201617:23:07Statement of Changes in Beneficial Ownership (4)
05/02/201617:22:17Statement of Changes in Beneficial Ownership (4)
04/29/201617:52:00Current Report Filing (8-k)
04/28/201617:01:00Snap-on Incorporated Declares Quarterly Dividend
04/26/201618:55:17Statement of Changes in Beneficial Ownership (4)
04/21/201611:06:42Quarterly Report (10-q)

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