Bloomberg News
Tool and equipment manufacturer Snap-on surgeafter reporting adjusted earnings per share rose to $3.01, beating expectations.

Snap-on  (SNA - Get Report)   - a tool and equipment manufacturer - surged Thursday on first-quarter earnings that beat expectations and despite soft sales.

The Wisconsin-based company reported that adjusted earnings per share rose to $3.01 - beating expectations and topping year-ago earnings by nearly 8%. That news sent shares trading up around 6.7% on the New York Stock Exchange to around $169.04.

Net sales for Snap-on dipped, however, to $921.7 million, falling $13.8 million from the prior year. That drop was despite a $12.3 million increase in "organic" sales and largely blamed on foreign currency exchanges that hurt the company to the tune of more than $26 million.

"We are encouraged by our first quarter 2019 results, which included a continuing recovery in our U.S. franchise network, with a mid single-digit sales gain in that operation," said Nick Pinchuk, Snap-on's chief executive, in a statement. Pinchuk noted "uncertainty in several geographies" during the quarter.

The company saw uneven results from its various businesses, with its tools group pulling in $410.2 million in sales over the quarter -- an increase of $5.5 million -- but its repair systems and information group lagging in sales by around $9 million to $327.9 million.

The adjusted earnings of $169.2 million didn't include a recent legal settlement benefit, nor did it include debt items and tax charges that combined brought the non-adjusted net earnings in the first quarter to $177.9 million, or $3.16 per share.