Snap-on Incorporated SNA kept its long-standing beat streak alive, as it reported first-quarter 2016 net earnings of $2.16 per share, which surpassed the Zacks Consensus Estimate of $2.08 by 3.8%. The bottom line also reflected an increase of 15.5% compared with the year-ago figure of $1.87.Snap-On Inc. (SNA) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompanyQuarterly earnings benefited from higher operating earnings before financial services as well as lower operating expenses.Inside the HeadlinesNet sales in the first quarter stood relatively flat year over year at $834.2 million (inching up 0.8%) but missed the Zacks Consensus Estimate of $851 million. However, excluding acquisition-related expenses and unfavorable foreign currency translation effect, organic sales rose 2.5% year over year.While modest sales growth in Snap-on Tools Group supported growth in net sales, softness in the Commercial & Industrial Group segment sales proved to be a headwind, offsetting the positive effect to some extent.Segment-wise, Commercial & Industrial Group sales decreased 3.5% year over year to $287 million.Organic sales were down 1.3%, primarily due to lower sales in critical industries, which offset growth in Asia/Pacific and power tools operations, thus dragging the overall sales performance of this segment. Additionally, unfavorable foreign currency translation reduced sales by $6.7 million, thereby adding to the fall.Snap-on Tools Group revenues improved 6.4% year over year to $402.5 million. Growth in this segment was largely driven by solid performance of both the U.S. and international franchise operations. Also, organic sales of the segment were up an impressive 8.1%.Repair Systems & Information segment revenues rose 2.4% year over year to $278.8 million. Meanwhile, organic sales of the segment improved 3.1%, driven by higher sales of diagnostics and repair information products. Also, increased sales of OEM dealerships and undercar equipment aided organic revenue growth. However, foreign currency fluctuations reduced revenues by $4.5 million; while unfavorable impact of acquisition-related expenses triggered a decline of $2.6 million. Both these factors limited organic sales growth to some extent.On the other hand, Financial Services business reported revenues of $66.3 million, compared with $57.4 million in the year-ago quarter.In addition, operating earnings before financial services for the first quarter came in at $155.4 million, up 12.7% from $137.9 million in the prior-year quarter.LiquidityAt quarter end, Snap-on’s cash and cash equivalents totaled $106.3 million, compared with $114.4 million at the end of first-quarter 2015. The company’s long-term debt of $714.6 million declined marginally from $861.7 million at the end of 2014.Going ForwardSnap-on’s successful earnings streak for the past several quarters reflects its capabilities to suitably leverage market opportunities for maximizing growth. The company continues to make significant efforts toward improving its operating efficiency through Snap-on Value Creation Processes that are instrumental in improving safety standards, quality and customer connection.Going forward, Snap-on has devised a comprehensive blueprint for 2016 that involves critical areas like enhancing franchise network, expanding footprint in vehicle repair garage & vital industries, and penetrating emerging markets. For these initiatives, Snap-on expects to incur capital expenditure in a range of $80–$90 million in 2016. However, currency fluctuations can continue to be a drag on the company’s financials.Snap-on currently has a Zacks Rank #4 (Sell). Better-ranked stocks in the broader consumer discretionary sector include Brunswick Corporation BC, Black Diamond, Inc. BDE and Glu Mobile, Inc. GLUU. All three stocks carry a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BRUNSWICK CORP (BC): Free Stock Analysis Report BLACK DIAMOND (BDE): Free Stock Analysis Report SNAP-ON INC (SNA): Free Stock Analysis Report GLU MOBILE INC (GLUU): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research