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Snap-On, Inc. (SNA) Tops Q1 EPS by 8c

April 17, 2014 7:04 AM EDT

Snap-On, Inc. (NYSE: SNA) reported Q1 EPS of $1.62, $0.08 better than the analyst estimate of $1.54. Revenue for the quarter came in at $787.5 million versus the consensus estimate of $781.08 million.

Segment Results

Commercial & Industrial Group segment sales of $290.6 million in the quarter increased $24.2 million, or 9.1%, from 2013 levels. Excluding $3.1 million of unfavorable foreign currency translation, organic sales increased $27.3 million, or 10.4%, primarily due to higher sales to customers in critical industries and in the segment’s European-based hand tools business.

Operating earnings of $39.1 million in the period, including $2.1 million (80 basis points) of lower restructuring costs, increased $8.5 million from 2013 levels, and the operating margin (operating earnings as a percentage of segment sales) of 13.5% improved 200 basis points from 11.5% a year ago.

Snap-on Tools Group segment sales of $343.6 million in the quarter rose $16.3 million, or 5.0%, from 2013 levels, reflecting sales increases in both the company’s U.S. and international franchise operations. Excluding $3.1 million of unfavorable foreign currency translation, organic sales increased 6.0%.

Operating earnings of $49.2 million in the period increased $2.0 million from 2013 levels and the operating margin of 14.3% compared with 14.4% a year ago.

Repair Systems & Information Group segment sales of $262.7 million in the quarter increased $16.6 million, or 6.7%, from 2013 levels. Excluding $15.2 million of sales from Challenger Lifts, Inc., which was acquired May 2013, and $0.7 million of favorable foreign currency translation, organic sales increased $0.7 million as higher sales of diagnostic and repair information products to independent repair shop owners and managers were largely offset by lower sales to OEM dealerships.

Operating earnings of $58.1 million in the period, including $1.4 million (60 basis points) of higher restructuring costs, increased $1.6 million from 2013 levels and the operating margin of 22.1% compared with 23.0% a year ago.

Financial Services operating earnings of $34.4 million on revenue of $50.2 million in the quarter compared with operating earnings of $30.5 million on revenue of $44.0 million a year ago.

For earnings history and earnings-related data on Snap-On, Inc. (SNA) click here.



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