Power tools producer Snap-on Inc. (Kenosha, WI) said first quarter 2013 sales were $741.7 million, up $6.5 million, or 0.9%, from the first quarter of 2012.
Excluding negative foreign currency translation effects of $4.3 million, organic sales were up 1.5%.
Operating earnings before financial services of $107.8 million were 14.5% of sales, compared to $97.5 million, or 13.3% of sales, in 1Q 2012.
Financial services operating earnings of $30.5 million were up $6.6 million from 2012 levels.
Consolidated operating earnings of $138.3 million were up to 17.6% of revenues (net sales plus financial services revenue), from $121.4 million, or 15.7% of revenues, in 1Q 2012.
Net earnings in 1Q 2013 were $82.8 million, up from $71.0 million in 1Q 2012.
"We're encouraged with our first quarter performance, which included a significant improvement in operating margin and a 15.7% increase in diluted earnings per share, despite continuing headwinds that are impacting specific areas of our business," said Nick Pinchuk, Snap-on chairman and CEO.
Snap-on Tools Group segment 1Q 2013 sales were $327.3 million in the quarter, up $10.7 million, or 3.4%, from 1Q 2012, reflecting stronger sales across the company's U.S. and international franchise operations. Operating earnings were $47.2 million, up $1.1 million, or 2.4%, from 1Q 2012.
Commercial & Industrial Group segment 1Q 2013 sales were $266.4 million, down $20.1 million, or 7.0%, from 1Q 2012, primarily from lower military sales and in the segment's European-based hand tools business. Operating earnings were $30.6 million, up $1.4 million, or 4.8%, from 1Q 2012
Repair Systems & Information Group segment 1Q 2013 sales were $246.1 million, up $20.0 million, or 8.8%, from 1Q 2012, primarily from higher sales to Original Equipment Manufacturer (OEM) dealerships and gains in sales of diagnostics and repair information products to repair shop owners and managers. Operating earnings were $56.5 million in the period, up $7.9 million, or 16.3%, from 1Q 2012.
Financial Services 1Q 2013 operating earnings of $30.5 million on revenue of $44.0 million in the quarter compared to operating earnings of $23.9 million on revenue of $38.0 million a year ago.
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