KENOSHA, Wis. (April 21, 2014) — Tool maker Snap-on Inc. reported increased sales and earnings for the quarter ended March 29.
Snap-on’s first quarter net earnings rose 15.8 percent to $95.9 million on a 6.2-percent jump in sales to $787.5 million.
“Our first quarter results…represent an encouraging start for 2014,” said Nick Pinchuk, Snap-on chairman and CEO. “We believe that these results provide continued evidence that Snap-on’s value proposition of making work easier for serious professionals in workplaces of consequence is an ongoing strength as we continue to move forward along our clear runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets.
“At the same time, our year-over-year 100 basis-point improvement in operating margin further confirms the abundant potential of Snap-on Value Creation, our suite of principles and processes we employ every day around safety, quality, customer connection, innovation and rapid continuous improvement.
“Finally, these results would not have been possible without significant contributions from our franchisees and associates worldwide; I thank them for their ongoing and extraordinary commitment and dedication.”
The firm’s Tools Group segment sales climbed 5 percent to $343.6 million, while operating earnings rose 4.2 percent to $49.2 million.
In 2014, Snap-on said it expects to continue to enhance its mobile tool distribution network, expand in the vehicle repair garage, extend to critical industries and build in emerging markets. Snap-on expects to spend about $70 million to $80 million in capital expenditures during the year.