Snap-on has announced operating results for the second quarter of 2015.
The company reported sales of $851.8 million, an increase of $25.3 million or 3.1 percent from 2014 levels. Excluding $43.4 million of unfavorable foreign currency translation and $2.8 million of acquisition-related sales, organic sales increased $65.9 million or 8.4 percent.
Net earnings of $120 million, or $2.03 per diluted share, compared to net earnings of $106.1 million, or $1.80 per diluted share, a year ago.
“We’re encouraged by the ongoing progress reflected in our second quarter results, including 8.4 percent organic sales growth, a 17.7 percent operating margin before financial services, representing a 100 basis point improvement, and a 12.8 percent increase in diluted earnings per share,” said Nick Pinchuk, Snap-on chairman and CEO. “We believe these results once again validate Snap-on’s ability to build upon our unique combination of capabilities in serving serious professionals and to successfully navigate our runways for coherent growth and operating improvement in multiple industries across varied geographies. Finally, this continued progress is only possible as a result of the tremendous dedication, effort and skill across the Snap-on team. In that regard, I thank our franchisees and associates worldwide for their contributions, commitment and support.”
