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New words:
acquisition, applied, apply, calibration, California, easing, entity, FASB, February, forma, Jose, Kentucky, leading, Lexington, matter, Mountz, multicurrency, multinational, precise, Pro, prospective, reconciliation, regional, retrospectively, San, sanction, SAVTEQ, torque
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borrower, Citibank, demand, difficulty, enhanced, experiencing, expiration, January, monitor, planned, require, Troubled, unchanged, unexpected
Financial report summary
?Competition
DoverManagement Discussion
- Net sales of $1,182.3 million in the first quarter of 2024 represented a decrease of $0.7 million, or 0.1%, from 2023 levels, reflecting a $9.9 million, or 0.8%, organic decline, partially offset by $6.7 million of acquisition-related sales and $2.5 million of favorable foreign currency translation.
- Gross profit of $596.7 million in the first quarter of 2024 compared to $589.6 million last year, an increase of $7.1 million or 1.2%. Gross margin (gross profit as a percentage of net sales) in the quarter improved 70 basis points (100 basis points (“bps”) equals 1.0 percent) from the first quarter of 2023 primarily due to lower material and other costs, and benefits from the company’s “Rapid Continuous Improvement” or “RCI” initiatives.
- Snap-on’s RCI initiatives employ a structured set of tools and processes across multiple businesses and geographies intended to eliminate waste and improve operations. Savings from Snap-on’s RCI initiatives reflect benefits from a wide variety of ongoing efficiency, productivity and process improvements, including savings generated from product design cost reductions, improved manufacturing line set-up and change-over practices, lower-cost sourcing initiatives, and facility consolidations. Unless individually significant, it is not practicable to disclose each RCI activity that generated savings and/or segregate RCI savings embedded in sales volume increases.