Snap-on Inc. saw stronger sales, profit and earnings totals in the first quarter of the year, the Wisconsin-based tools and equipment supplier reported Thursday.
The company posted net sales of $1.21 billion in the three months ended April 4, an increase of 5.8% compared to the same period last year. That increase reflected a 3.4% rise in organic sales along with favorable impacts from foreign currency translation.
Snap-on officials highlighted improved activity in its U.S. tools division and “robust sales growth” in critical industries despite “ongoing and ever-evolving turbulence.” The tools segment posted $486 million in quarterly sales, an increase of 3.4% year-over-year.
The company’s gross profit, meanwhile, climbed from $578.5 million to $608.3 over that span, while operating earnings rose from $313.4 million to $318.8 million. Net earnings attributable to Snap-on came in at $247 million, up from $240.5 million in the previous first quarter.
“While meaningful headwinds persist, including broad uncertainty among our technician customer base in the U.S., international supply chain disruptions, and a number of global conflicts, we are confident in the strength, resilience and criticality of our markets,” Snap-on Chairman and CEO Nick Pinchuk said in a statement.
