Power tools maker Snap-on Inc. reported second quarter 2013 sales of $764.1 million, up $26.2 million, or 3.6%, from 2Q 2012. Organic sales--excluding unfavorable currency translation and sales from a previously announced May 2013 acquisition--were up 3.1%.
Operating earnings were $117.8 million, or 15.4% of sales, from $104.6 million, or 14.2% of sales, in 2Q 2012. Consolidated operating earnings were $148.4 million, or 18.4% of revenues, from $130.2 million, or 16.7% of revenues, in 2Q 2012. Net earnings were $88.4 million, from 2Q 2012 net earnings of $76.4 million.
"Again this quarter, we achieved higher year-over-year sales and increased operating income in spite of ongoing headwinds in specific parts of our business, and we continued to progress in those strategic areas of importance that we've identified as being decisive to our future," said Nick Pinchuk, Snap-on chairman and CEO.
Snap-on expects to continue to enhance its mobile tool distribution network, expand in growth industries, and build in emerging markets in 2013. The company continues to anticipate capital expenditures in 2013 will be in a range of $70 million to $80 million.
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