Snap-on Inc. saw second quarter net earnings increase slightly, overcoming some sales declines in some of its business segments.
The Kenosha-based manufacturer of professional tools, diagnostic and repair equipment reported net earnings of $180.4 million, up from the $178.7 million it reported for the same period a year ago.
Meanwhile, net sales decreased $3.3 million to $951.3 million, compared with net sales for the second quarter of last year.
The company attributed the earnings increase partly to performance in its financial services group and its repair systems and information group.
The financial services group generated operating earnings of $60.6 million on revenue of $84.1 million in the quarter, compared to operating earnings of $57.8 million on revenue of $82 million a year ago.
The repair system and information group saw sales of $348.9 million in the quarter, a $5.8 million increase of what it reported a year ago.
Snap-on attributed the sales increase in this group partly to higher sales to original equipment manufacturer dealerships.
“We are encouraged by our second quarter 2019 results, said Nick Pinchuk, Snap-on chairman and chief executive officer. “While sales were mixed in the period, we did experience clear sales gains to customers across our U.S. operations and delivered overall organic growth, overcoming the variation and the turbulence.”
He added, “Despite the challenges of this period, we believe the overall macro-economic environment for the vehicle repair and the critical industries markets we serve generally remain robust and provide continuing opportunities to make work easier for serious professionals. Finally, our results are only possible with the ongoing capability and contributions from our franchisees and associates, and I thank them for their dedication and commitment.”