Snap-On CEO On Q3 Numbers: 'Encouraged By The Fact We Were Able To Shake Off Currency And Hit A New High In Profitability'

Snap-on Incorporated SNA reported second-quarter earnings earlier on Thursday. EPS for the quarter came at $2.03, beating analysts' estimates of $1.97. Nicholas Pinchuk, Snap-On CEO, was on CNBC recently to weigh in on the earnings and to discuss how important it is to upskill the American workforce for the economy overall.

Encouraging Results

"If you look at our organic growth it was up 8.4 percent," Pinchuk began. "And so, we think that's an encouraging, encouraging results. The U.S. business is going gangbusters and Europe and Asia Pacific while mid-single digits are still mixed."

FX Impact

On the impact of foreign exchange on earnings, Pinchuk said, "This quarter's earnings were 17.7 percent up, a 100 basis points and that overcame 40 basis points of currency. So, we are able to really, I think that we were encouraged by the fact [that] we were able to shake off currency and hit a new high in profitability."

Up-Skilling The American Workforce

Pinchuk highlighted the need for training the American workforce and restarting manufacturing in U.S., saying, "The point is that middle class jobs are linked to manufacturing. And one of the things about manufacturing is they basically become the amplifier of ideas and the workforce in the United States is generally in competition with other workforces around the world to be the amplifier of those ideas and it cuts directly to training."

"And it has to do with upskilling the American workforce. We upskill the American workforce, we restart manufacturing, we expand the middle class. These are the jobs which created America as it is."