Snap-On Reports Financial Services’ Double-Digit Revenue, Earnings Growth

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Snap-On reported Q1/17 net sales of $887.1 million increased $52.9 million, or 6.3% from 2016 levels, reflecting a $33.4 million or 4.1% organic sales gain and $29.1 million of acquisition-related sales, partially offset by $9.6 million of unfavorable foreign currency translation. Net earnings of $141.6 million in Q1/17 were up 10.4% from $128.3 million for the same quarter in 2016.

The following information on Financial Services was excerpted from the Snap-on news release:

  • Snap-On reported Financial Services Q1/17 revenue of $76.8 million was up 15.8% from $66.3 million a year earlier with operating earnings of $52.5 million, up 11.7% from $47.0 million in Q1/16. Net earnings of $22.0 million were up 17.6% from $18.7 million for the same quarter in 2016.
  • Additions to finance receivables of $227.0 million in Q1/17 compared to $230.9 million in Q1/16. Net finance receivables of $1,451 million at April 1, 2017 were up 3.1% from $1,407 million in the same quarter a year earlier.

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Terry Mulreany
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Frank Battista
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