- Sales of $737.9 million increased $11.2 million, or 1.5%, from 2011 levels; excluding $20.8 million of unfavorable foreign currency translation, organic sales increased 4.5%. Second quarter 2012 revenues (net sales plus financial services revenue) were $777.8 million.
- Restructuring costs of $10.2 million included $6.8 million, as expected, for the settlement of a pension plan related to a 2011 facility closure; second-quarter 2011 restructuring costs were $1.9 million.
- Operating earnings before financial services of $104.6 million, including $8.3 million of higher restructuring costs, improved to 14.2% of sales as compared to $98.8 million, or 13.6% of sales, last year.
- Financial services operating earnings of $25.6 million compares with $17.5 million (excluding the $18.0 million arbitration settlement gain) last year; second-quarter 2011 operating earnings from financial services, including the arbitration settlement gain, were $35.5 million.
- Consolidated operating earnings of $130.2 million increased $13.9 million from comparable (excluding arbitration settlement gain) prior-year levels and improved to 16.7% of revenues as compared to 15.4% last year. Including the arbitration settlement gain, consolidated operating earnings in the second quarter of 2011 were $134.3 million or 17.7% of revenues.
- Net earnings of $76.4 million, or $1.30 per diluted share, compares with second-quarter 2011 net earnings of $66.9 million, or $1.14 per diluted share, excluding the $18.0 million ($11.1 million after tax or $0.19 per diluted share) arbitration settlement gain. Net earnings in the second quarter of 2011, including the arbitration settlement gain, were $78.0 million, or $1.33 per diluted share.
Snap-on Announces Second Quarter 2012 Results
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