Skip to main content
Sister Publication Links
  • Automotive News
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • HUMANITARIAN
  • News
    • TIRE MAKERS
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • MERGERS & ACQUISITIONS
    • BEST PLACES TO WORK
    • OBITUARIES
    • OPINION
    • MID YEAR REPORT
    • SERVICE ZONE
  • ADAS
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Resources
    • Events
    • DIRECTORY
    • CLASSIFIEDS
    • SHOP FLOOR
    • AWARDS
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Best Places to Work
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
July 18, 2013 02:00 AM

Snap-on bolsters Q2 sales, earnings

Tire Business Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    KENOSHA, Wis. (July 18, 2013) — Snap-on Inc. boosted its net earnings 15.7 percent to $88.4 million on a 3.6-percent increase in sales to $764.1 million for the second quarter, ended June 29, compared with the year-ago period.

    "We believe our performance in the second quarter reaffirms Snap-on's strengths in serving serious professionals performing critical repairs around the world every day," said Nick Pinchuk, Snap-on chairman and CEO. "Again this quarter, we achieved higher year-over-year sales and increased operating income in spite of ongoing headwinds in specific parts of our business, and we continued to progress in those strategic areas of importance that we've identified as being decisive to our future.

    "For example, our recent acquisition of Challenger Lifts in the second quarter broadens our established capabilities and furthers our advancement along the growth runway of expanding with repair shop owners and managers. Finally, I thank our franchisees and associates worldwide for their significant dedication and contributions, without which these results would not have been possible."

    For the first half, Snap-on's net earnings climbed 16.2 percent to $171.2 million on a 22.2-percent surge in sales to $1.51 billion, compared with the year-ago period.

    Sales for its segments showed an increase in the second quarter for its tools group by 6.5 percent to $346.2 million and for its repair systems and information group by 8.3 percent to $246.2 million. Sales for its commercial and industrial group, however, dropped 6.1 percent to $266.2 million.

    Excluding $8.5 million of sales from the Challenger Lifts acquisition during the quarter and $0.8 million of unfavorable foreign currency translation, Snap-on said the repair systems segment's organic sales in the quarter rose 4.9 percent, primarily due to higher sales to car dealerships and gains in sales of diagnostics and repair information products to independent repair shop owners and managers.

    Operating earnings rose for all three groups for the quarter:

    • Tools group, up 22.5 percent to $54.5 million;

    • Repair systems, up 8.6 percent to $56.7 million; and

    • Commercial and industrial group, up 2.4 percent to $33.6 million.

    For the rest of the year, Kenosha-based Snap-on said it expects to continue to enhance its mobile tool distribution network, expand in the vehicle repair garage sector, extend into critical industries and build in emerging markets. The company said it expects capital expenditures this year will range between $70 million to $80 million.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    Turbo Wholesale acquires Tire Wholesalers Inc.
    2
    Giti bringing premium tires, in-demand sizes to U.S. plant
    3
    Goodyear to halve capacity at Fulda plant, cut jobs
    4
    VIP Tires acquires Marshfield Tire in Massachusetts
    5
    TBC, Mavis complete deal for NTB, Tire Kingdom stores
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • Instagram
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HUMANITARIAN
    • News
      • TIRE MAKERS
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • MERGERS & ACQUISITIONS
      • BEST PLACES TO WORK
      • OBITUARIES
      • OPINION
      • MID YEAR REPORT
      • SERVICE ZONE
    • ADAS
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Resources
      • Events
        • ASK THE EXPERT
        • LIVESTREAMS
        • WEBINARS
        • SEMA LIVESTREAMS
        • RUBBER NEWS EVENTS
      • DIRECTORY
      • CLASSIFIEDS
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
      • AWARDS
        • Best Places to Work
    • ADVERTISE
    • DIGITAL EDITION