Snorkel reports positive Q2 results
By Lindsey Anderson28 August 2017
Snorkel has posted second quarter sales of $44.9 million, a 20-percent increase compared to the same period last year. The figures include an operating profit, excluding depreciation, of $1.1 million according to a financial investment update from Tanfield, which owns 49 percent of Snorkel’s equity.
According to the statement, the aerial lift manufacturer has continued to post solid revenue growth and turned last year’s operating loss into positive numbers this year.
For the first six months of 2017, sales were $79.7 million, a 13-percent jump compared to the first six months of 2017. Operating profit for the first six months of the year are $1.5 million, compared to a $1.4 million loss in the first half of 2016.
The statement also notes that Snorkel has “continued to achieve improved market share in targeted regions, allowing the company to create a broader and more diverse customer base that helped it achieve stronger growth during the first half of the year. New customers have included some large rental companies that had not purchased Snorkel products for a number of years, and have been impressed with the company’s improved product range, manufacturing quality and enhanced customer services,” the statement said.
As originally reported on June 1, Snorkel targeted double digit growth in 2017 from its U.K. manufacturing facility, but because of the U.S. facility’s dependence on Ahern Rentals as its biggest customer, it was uncertain there would be significant growth in the U.S. this year. Tanfield is confident Snorkel will continue to do well in the second half of 2017.