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Snap-on Announces Second Quarter 2012 Results

Non-GAAP Information

Snap-on is including certain non-GAAP supplemental information as part of this release. The non-GAAP information excludes the effects of last year’s $18.0 million arbitration settlement gain in the second quarter of 2011 as management believes that the non-GAAP measures provide a more meaningful comparison of the company’s year-over-year operating performance. For information on the non-GAAP measures, see the attached “Reconciliation of non-GAAP Financial Measures” schedule included with this release.

Conference Call and Webcast July 19, 2012, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, July 19, 2012, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, visit www.snapon.com/sna and click on the link toward the bottom of the page. Additional detail about Snap-on is also available on the Snap-on web site.

About Snap-on

Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation, aerospace, agriculture, construction, government and military, mining, natural resources and power generation. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $2.9 billion, S&P 500 company headquartered in Kenosha, Wisconsin.

Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release contains statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

For additional information, please visit www.snapon.com.

 
 
 
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(unaudited)
       
 
 
Three Months Ended Six Months Ended
June 30, July 2, June 30, July 2,
2012 2011 2012 2011
 
Net sales $ 737.9 $ 726.7 $ 1,473.1 $ 1,420.4
Cost of goods sold   (388.0 )   (384.5 )   (775.5 )   (747.6 )
Gross profit 349.9 342.2 697.6 672.8
Operating expenses   (245.3 )   (243.4 )   (495.5 )   (486.7 )
Operating earnings before financial services 104.6 98.8 202.1 186.1
 
Financial services revenue 39.9 30.3 77.9 56.1
Financial services expenses   (14.3 )   (12.8 )   (28.4 )   (26.1 )
Operating earnings from financial services

before arbitration settlement

25.6 17.5 49.5 30.0
Arbitration settlement   -     18.0     -     18.0  
Operating earnings from financial services   25.6     35.5     49.5     48.0  
 
Operating earnings 130.2 134.3 251.6 234.1
Interest expense (13.9 ) (16.3 ) (27.8 ) (32.6 )
Other income (expense) – net   0.1     0.9     (0.3 )   1.7  
Earnings before income taxes and
equity earnings 116.4 118.9 223.5 203.2
Income tax expense   (38.3 )   (39.8 )   (73.5 )   (67.0 )
Earnings before equity earnings 78.1 79.1 150.0 136.2
Equity earnings, net of tax   0.4     0.8     1.5     1.7  
Net earnings 78.5 79.9 151.5 137.9
Net earnings attributable to noncontrolling interests   (2.1 )   (1.9 )   (4.1 )   (3.7 )
Net earnings attributable to Snap-on Inc. $ 76.4   $ 78.0   $ 147.4   $ 134.2  
 
 
Net earnings per share attributable to Snap-on Inc.:
Basic $ 1.31 $ 1.34 $ 2.53 $ 2.31
Diluted 1.30 1.33 2.51 2.29
 
Weighted-average shares outstanding:
Basic 58.2 58.2 58.2 58.2
Effect of dilutive options   0.6     0.6     0.6     0.5  
Diluted   58.8     58.8     58.8     58.7  
 
 
 

SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
           
 
Three Months Ended Six Months Ended
June 30, July 2, June 30, July 2,
2012 2011 2012 2011
 
Net sales:
Commercial & Industrial Group $ 283.4 $ 279.7 $ 569.9 $ 552.1
Snap-on Tools Group 325.0 299.0 641.6 581.0
Repair Systems & Information Group   227.4     234.5     453.5     461.5  
Segment net sales 835.8

 

813.2 1,665.0 1,594.6
Intersegment eliminations   (97.9 )   (86.5 )   (191.9 )   (174.2 )
Total net sales $ 737.9 $ 726.7 $ 1,473.1 $ 1,420.4
Financial Services revenue   39.9     30.3     77.9     56.1  
Total revenues $ 777.8   $ 757.0   $ 1,551.0   $ 1,476.5  
 
Operating earnings:
Commercial & Industrial Group $ 32.8 $ 29.2 $ 62.0 $ 60.8
Snap-on Tools Group 44.5 46.2 90.6 83.3
Repair Systems & Information Group 52.2 49.0 100.8 91.8
Financial Services*   25.6     35.5     49.5     48.0  
Segment operating earnings 155.1

 

159.9 302.9 283.9
Corporate   (24.9 )   (25.6 )   (51.3 )   (49.8 )
Operating earnings $ 130.2 $ 134.3 $ 251.6 $ 234.1
Interest expense (13.9 ) (16.3 ) (27.8 ) (32.6 )
Other income (expense) – net   0.1     0.9     (0.3 )   1.7  
Earnings before income taxes
and equity earnings $ 116.4   $ 118.9   $ 223.5   $ 203.2  
 
 
* For the three and six month periods ended July 2, 2011, Financial Services operating earnings
included an $18.0 million pretax arbitration settlement gain.

 

 
 

SNAP-ON INCORPORATED
Reconciliation of non-GAAP Financial Measures
(Amounts in millions, except per share data)
(unaudited)
           
 
 
Three Months Ended Six Months Ended
June 30, July 2, June 30, July 2,
2012 2011 2012 2011

AS REPORTED

Net sales $ 737.9 $ 726.7 $ 1,473.1 $ 1,420.4
Financial services revenue   39.9     30.3     77.9     56.1  
Total revenues $ 777.8   $ 757.0   $ 1,551.0   $ 1,476.5  
 

PRO FORMA INFORMATION

 
1 ) Operating earnings
As reported $ 130.2 $ 134.3 $ 251.6 $ 234.1
Less: Arbitration settlement gain   -     (18.0 )   -     (18.0 )
Excluding arbitration settlement gain $ 130.2   $ 116.3   $ 251.6   $ 216.1  
 
Operating earnings as a percentage of total revenues
As reported 16.7 % 17.7 % 16.2 % 15.9 %
Excluding arbitration settlement gain 16.7 % 15.4 % 16.2 % 14.6 %
 
 
2 ) Arbitration settlement gain
As reported $ - $ 18.0 $ - $ 18.0
Income tax expense   -     (6.9 )   -     (6.9 )
Arbitration settlement gain, net of tax $ -   $ 11.1   $ -   $ 11.1  
 
Weighted-average shares outstanding - Diluted 58.8 58.8 58.8 58.7
 
Diluted EPS - Arbitration settlement gain $ -   $ 0.19   $ -   $ 0.19  
 
 
3 ) Net earnings attributable to Snap-on Incorporated
As reported $ 76.4 $ 78.0 $ 147.4 $ 134.2
Less: Arbitration settlement gain, net of tax   -     (11.1 )   -     (11.1 )
Excluding arbitration settlement gain $ 76.4   $ 66.9   $ 147.4   $ 123.1  
 
 
4 ) Diluted EPS
As reported $ 1.30 $ 1.33 $ 2.51 $ 2.29
Less: Diluted EPS - Arbitration settlement gain   -     (0.19 )   -     (0.19 )
Excluding arbitration settlement gain $ 1.30   $ 1.14   $ 2.51   $ 2.10  
 

Snap-on is providing the above reconciliations of non-GAAP financial measures (excluding last year's $18.0 million pretax arbitration settlement gain recorded in the second quarter of 2011) as management believes that these non-GAAP measures provide a more meaningful comparison of the company's year-over-year operating performance.

SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
   
 
June 30, December 31,
2012 2011
 
Assets
Cash and cash equivalents $ 173.6 $ 185.6
Trade and other accounts receivable – net 455.8 463.5
Finance receivables – net 305.9 277.2
Contract receivables – net 49.2 49.7
Inventories – net 401.4 386.4
Deferred income tax assets 86.5 92.6
Prepaid expenses and other assets   82.4     75.7  
Total current assets 1,554.8 1,530.7
 
Property and equipment – net 361.6 352.9
Deferred income tax assets 123.3 125.2
Long-term finance receivables – net 463.7 431.8
Long-term contract receivables – net 178.4 165.1
Goodwill 786.2 795.8
Other intangibles – net 186.0 188.3
Other assets   87.7     83.1  
Total Assets $ 3,741.7   $ 3,672.9  
 
Liabilities and Shareholders' Equity
Notes payable and current maturities of long-term debt $ 14.2 $ 16.2
Accounts payable 141.4 124.6
Accrued benefits 45.0 48.8
Accrued compensation 74.1 91.0
Franchisee deposits 49.1 47.3
Other accrued liabilities   272.3     255.9  
Total current liabilities 596.1 583.8
 
Long-term debt 970.2 967.9
Deferred income tax liabilities 112.0 108.1
Retiree health care benefits 50.3 52.8
Pension liabilities 270.4 317.7
Other long-term liabilities   92.8     95.3  
Total Liabilities   2,091.8     2,125.6  
 
Shareholders' Equity
Shareholders' Equity attributable to Snap-on Inc.
Common stock 67.3 67.3
Additional paid-in capital 196.9 181.4
Retained earnings 1,950.9 1,843.7
Accumulated other comprehensive loss (180.8 ) (174.6 )
Treasury stock at cost   (400.9 )   (386.9 )
Total Shareholders' Equity attributable to Snap-on Inc. 1,633.4 1,530.9
Noncontrolling interests   16.5     16.4  
Total Shareholders' Equity   1,649.9     1,547.3  
Total Liabilities and Shareholders' Equity $ 3,741.7   $ 3,672.9  
 
 
 

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flow
(Amounts in millions)
(unaudited)
   
Three Months Ended
June 30, July 2,
2012 2011
 
Operating activities:
Net earnings $ 78.5 $ 79.9

Adjustments to reconcile net earnings to net cash provided (used) by operating activities:

Depreciation 12.6 11.8
Amortization of other intangibles 6.6 6.5
Provision for losses on finance receivables 4.8 4.6
Provision for losses on non-finance receivables 3.5 2.5
Stock-based compensation expense 7.4 6.3
Excess tax benefits from stock-based compensation (0.7 ) (0.7 )
Deferred income tax benefit (10.8 ) (8.0 )
Loss (gain) on sale of assets (0.1 ) 0.1
Changes in operating assets and liabilities:
(Increase) decrease in trade and other accounts receivable (5.9 ) 6.1
(Increase) decrease in contract receivables (9.3 ) (14.5 )
(Increase) decrease in inventories (15.3 ) (20.5 )
(Increase) decrease in prepaid and other assets (6.6 ) (13.5 )
Increase (decrease) in accounts payable 5.1 (3.5 )
Increase (decrease) in accruals and other liabilities   21.9     (70.8 )
Net cash provided (used) by operating activities 91.7 (13.7 )
 
Investing activities:
Additions to finance receivables (149.9 ) (133.4 )
Collections of finance receivables 110.1 83.9
Capital expenditures (18.0 ) (14.7 )
Disposal of property and equipment 0.3 2.5
Other   -     0.2  
Net cash used by investing activities (57.5 ) (61.5 )
 
Financing activities:
Proceeds from short-term borrowings - 1.6
Repayments of short-term borrowings (0.8 ) (3.5 )
Net increase (decrease) in other short-term borrowings 1.2 (0.5 )
Purchase of treasury stock (8.2 ) (16.9 )
Proceeds from stock purchase and option plans 9.2 14.5
Cash dividends paid (19.5 ) (18.6 )
Excess tax benefits from stock-based compensation 0.7 0.7
Other   (2.7 )   (2.1 )
Net cash used by financing activities (20.1 ) (24.8 )
 
Effect of exchange rate changes on cash and cash equivalents   (2.1 )   0.9  
Increase (decrease) in cash and cash equivalents 12.0 (99.1 )
 
Cash and cash equivalents at beginning of period   161.6     517.3  
Cash and cash equivalents at end of period $ 173.6   $ 418.2  
 
Supplemental cash flow disclosures:
Cash paid for interest $ (1.5 ) $ (0.2 )
Net cash paid for income taxes (32.2 ) (63.2 )
 
 
 

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flow
(Amounts in millions)
(unaudited)
   
Six Months Ended
June 30, July 2,
2012 2011
 
Operating activities:
Net earnings $ 151.5 $ 137.9

Adjustments to reconcile net earnings to net cash provided (used) by operating activities:

Depreciation 25.2 24.2
Amortization of other intangibles 13.0 12.4
Provision for losses on finance receivables 8.7 6.4
Provision for losses on non-finance receivables 6.3 8.2
Stock-based compensation expense 16.1 12.2
Excess tax benefits from stock-based compensation (2.7 ) (2.0 )
Deferred income tax provision (benefit) 2.6 (4.4 )
Loss (gain) on sale of assets (0.9 ) 0.1
Changes in operating assets and liabilities:
(Increase) decrease in trade and other accounts receivable (2.9 ) (3.4 )
(Increase) decrease in contract receivables (13.5 ) (22.0 )
(Increase) decrease in inventories (19.4 ) (49.8 )
(Increase) decrease in prepaid and other assets (27.0 ) (25.0 )
Increase (decrease) in accounts payable 20.1 (9.8 )
Increase (decrease) in accruals and other liabilities   (20.4 )   (70.8 )
Net cash provided by operating activities 156.7 14.2
 
Investing activities:
Additions to finance receivables (285.4 ) (261.6 )
Collections of finance receivables 216.2 170.7
Capital expenditures (39.8 ) (33.3 )
Disposal of property and equipment 2.2 2.7
Other   -     0.2  
Net cash used by investing activities (106.8 ) (121.3 )
 
Financing activities:
Proceeds from short-term borrowings 6.5 11.2
Repayments of short-term borrowings (8.5 ) (12.0 )
Net increase in other short-term borrowings 0.2 -
Purchase of treasury stock (38.1 ) (34.5 )
Proceeds from stock purchase and option plans 22.5 26.3
Cash dividends paid (39.6 ) (37.5 )
Excess tax benefits from stock-based compensation 2.7 2.0
Other   (6.3 )   (4.2 )
Net cash used by financing activities (60.6 ) (48.7 )
 
Effect of exchange rate changes on cash and cash equivalents   (1.3 )   1.8  
Decrease in cash and cash equivalents (12.0 ) (154.0 )
 
Cash and cash equivalents at beginning of year   185.6     572.2  
Cash and cash equivalents at end of period $ 173.6   $ 418.2  
 
Supplemental cash flow disclosures:
Cash paid for interest $ (27.7 ) $ (24.3 )
Net cash paid for income taxes (39.1 ) (71.9 )
 
 
 

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
       
 
Operations* Financial Services
Three Months Ended Three Months Ended
June 30, July 2, June 30, July 2,
2012 2011 2012 2011
 
Net sales $ 737.9 $ 726.7 $ - $ -
Cost of goods sold   (388.0 )   (384.5 )   -     -  
Gross profit 349.9 342.2 - -
Operating expenses   (245.3 )   (243.4 )   -     -  
Operating earnings before financial services 104.6 98.8 - -
 
Financial services revenue - - 39.9 30.3
Financial services expenses   -     -     (14.3 )   (12.8 )
Operating earnings from financial services
before arbitration settlement - - 25.6 17.5
Arbitration settlement   -     -     -     18.0  
Operating earnings from financial services   -     -     25.6     35.5  
 
Operating earnings 104.6 98.8 25.6 35.5
Interest expense (13.6 ) (15.9 ) (0.3 ) (0.4 )
Intersegment interest income (expense) – net 10.4 8.9 (10.4 ) (8.9 )
Other income (expense) – net   0.2     0.8     (0.1 )   0.1  
Earnings before income taxes and equity earnings 101.6 92.6 14.8 26.3
Income tax expense   (32.9 )   (29.9 )   (5.4 )   (9.9 )
Earnings before equity earnings 68.7 62.7 9.4 16.4
Financial services – net earnings
attributable to Snap-on Inc. 9.4 16.4 - -
Equity earnings, net of tax   0.4     0.8     -     -  
Net earnings 78.5 79.9 9.4 16.4
Net earnings attributable to noncontrolling interests   (2.1 )   (1.9 )   -     -  
Net earnings attributable to Snap-on Inc. $ 76.4   $ 78.0   $ 9.4   $ 16.4  
 
* Snap-on Inc. with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to arrive at the consolidated financial statements.
 
 
 

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
       
 
Operations* Financial Services
Six Months Ended Six Months Ended
June 30, July 2, June 30, July 2,
2012 2011 2012 2011
 
Net sales $ 1,473.1 $ 1,420.4 $ - $ -
Cost of goods sold   (775.5 )   (747.6 )   -     -  
Gross profit 697.6 672.8 - -
Operating expenses   (495.5 )   (486.7 )   -     -  
Operating earnings before financial services 202.1 186.1 - -
 
Financial services revenue - - 77.9 56.1
Financial services expenses   -     -     (28.4 )   (26.1 )
Operating earnings from financial services
before arbitration settlement - - 49.5 30.0
Arbitration settlement   -     -     -     18.0  
Operating earnings from financial services   -     -     49.5     48.0  
 
Operating earnings 202.1 186.1 49.5 48.0
Interest expense (27.2 ) (31.9 ) (0.6 ) (0.7 )
Intersegment interest income (expense) – net 20.2 16.7 (20.2 ) (16.7 )
Other income (expense) – net   (0.2 )   1.6     (0.1 )   0.1  
Earnings before income taxes and equity earnings 194.9 172.5 28.6 30.7
Income tax expense   (63.0 )   (55.6 )   (10.5 )   (11.4 )
Earnings before equity earnings 131.9 116.9 18.1 19.3
Financial services – net earnings
attributable to Snap-on Inc. 18.1 19.3 - -
Equity earnings, net of tax   1.5     1.7     -     -  
Net earnings 151.5 137.9 18.1 19.3
Net earnings attributable to noncontrolling interests   (4.1 )   (3.7 )   -     -  
Net earnings attributable to Snap-on Inc. $ 147.4   $ 134.2   $ 18.1   $ 19.3  
 
* Snap-on Incorporated with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to arrive at the consolidated financial statements.
 
 
 

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Balance Sheets
(Amounts in millions)
(unaudited)
       
 
Operations* Financial Services
June 30, December 31, June 30, December 31,
2012 2011 2012 2011
 
Assets
Cash and cash equivalents $ 169.4 $ 181.1 $ 4.2 $ 4.5
Intersegment receivables 16.4 10.8 - -
Trade and other accounts receivable – net 455.6 463.3 0.2 0.2
Finance receivables – net - - 305.9 277.2
Contract receivables – net 6.2 6.5 43.0 43.2
Inventories – net 401.4 386.4 - -
Deferred income tax assets 74.6 90.0 11.9 2.6
Prepaid expenses and other assets   85.9   78.1   0.5   0.9
Total current assets 1,209.5 1,216.2 365.7 328.6
 
Property and equipment – net 359.5 351.9 2.1 1.0
Investment in Financial Services 155.6 142.0 - -
Deferred income tax assets 123.2 119.8 0.1 5.4
Long-term finance receivables – net - - 463.7 431.8
Long-term contract receivables – net 9.8 9.1 168.6 156.0
Goodwill 786.2 795.8 - -
Other intangibles – net 186.0 188.3 - -
Other assets   88.6   83.7   1.1   1.0
Total Assets $ 2,918.4 $ 2,906.8 $ 1,001.3 $ 923.8
 
Liabilities and Shareholders' Equity
Notes payable and current maturities of long-term debt $ 14.2 $ 16.2 $ - $ -
Accounts payable 141.3 124.0 0.1 0.6
Intersegment payables - - 16.4 10.8
Accrued benefits 45.0 48.8 - -
Accrued compensation 72.4 87.1 1.7 3.9
Franchisee deposits 49.1 47.3 - -
Other accrued liabilities   253.5   229.7   24.8   31.1
Total current liabilities 575.5 553.1 43.0 46.4
 
Long-term debt and intersegment long-term debt 191.7 257.6 778.5 710.3
Deferred income tax liabilities 110.7 108.0 1.3 0.1
Retiree health care benefits 50.3 52.8 - -
Pension liabilities 270.4 317.7 - -
Other long-term liabilities   69.9   70.3   22.9   25.0
Total Liabilities   1,268.5   1,359.5   845.7   781.8
 
Total Shareholders' Equity attributable to Snap-on Inc. 1,633.4 1,530.9 155.6 142.0
Noncontrolling interests   16.5   16.4   -   -
Total Shareholders' Equity   1,649.9   1,547.3   155.6   142.0
Total Liabilities and Shareholders' Equity $ 2,918.4 $ 2,906.8 $ 1,001.3 $ 923.8
 
* Snap-on Inc. with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to arrive at the consolidated financial statements.




Stock quotes in this article: SNA 

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