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Snap-on Auto-Repair Related Businesses Solid In Q3

Kenosha, WI-based Snap-on Inc. had a sold third quarter, especially among its automotive-repair related businesses. Net sales increased 5.8 percent to $753.20 million. Organic sales were up 4.7 percent. Net income rose 14.2 percent to $84.60 million.

Snap-on Tools Group sales rose 8.1 percent to $333.80 million in the quarter. Organic sales were up 9.5 percent, with gains coming from all geographies. Segment operating earnings increased 4.2 percent to $41.90 million.

The Repair Systems & Information Group came through with $252.70 million in sales — up 13.8 percent over the prior year. Organic sales were up 6.7 percent, primarily attributable to gains in sales of diagnostics and repair information products to independent repair shops owners/managers, as well as higher sales to OEM dealerships. Segment operating earnings rose 17 percent to $57.90 million.

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