Snap-on reported Q1/16 sales of $834.2 million, an increase of $6.4 million, or 0.8%, from 2015 levels. Excluding $16.4 million of unfavorable foreign currency translation and $2.6 million of acquisition-related sales, organic sales increased $20.2 million, or 2.5%.

The company said operating earnings before financial services of $155.4 million increased 190 basis points to 18.6% of sales as compared to $137.9 million, or 16.7% of sales, last year.

The following highlights with regard to Snap-on Financial were excerpted from the news release:

• Financial services operating earnings of $47.0 million increased $6.7 million, or 16.6%, from 2015 levels; financial services revenue of $66.3 million increased 15.5% from $57.4 million in Q1/15.
• Net finance receivables at first quarter-end 2016 were $1,270.4 million, up from $1,220.0 million a year earlier.
• Q1/16 additions to the portfolio were $230.9 million, up from $198.8 million in the same quarter one-year ago.