KENOSHA, Wis. (Oct. 17, 2014) — Snap-on Inc. increased its net income 22.6 percent to $103.7 million on a 7-percent jump in sales to $806.3 million for the third quarter, ended Sept. 27, compared with the year-ago period.
Operating earnings for the company's tools group, its largest business unit, surged 18.1 percent to $49.5 million on a 6.4-percent boost in sales to $355 million for the quarter.
“We were encouraged by our third quarter results that demonstrate ongoing progress along Snap-on's runways for both coherent growth and improvement, as solid organic sales gains across all operating segments were accompanied by a 23.1-percent increase in earnings per share,” said Nick Pinchuk, Snap-on chairman and CEO.
Kenosha-based Snap-on said it anticipates its capital expenditures in 2014 will be in a range of $75 million to $80 million, of which $63.3 million has been incurred through the end of the third quarter.
For the nine-month period, Snap-on's net earnings surged 19.5 percent to $305.7 million on a 7.1-percent increase in sales to $2.42 billion.
Its tools group generated $159.2 million in operating earnings, a 10.9-percent increase over the year-ago period, as sales rose 6 percent to $1.07 billion.