- Sales of $764.1 million increased $26.2 million, or 3.6%, from 2012 levels; excluding $4.7 million of unfavorable foreign currency translation and $8.5 million of sales from the previously announced May 2013 acquisition of Challenger Lifts, Inc. (“Challenger”), organic sales increased 3.1%.
- Operating earnings before financial services of $117.8 million, or 15.4% of sales, compares with $104.6 million, or 14.2% of sales, last year.
- Restructuring costs totaled $1.8 million in the quarter; restructuring costs of $10.2 million in the second quarter of 2012 included $6.8 million for the settlement of a pension plan. Stock-based and mark-to-market expenses in the quarter increased $4.4 million from 2012 levels.
- Financial services operating earnings of $30.6 million increased $5.0 million from 2012 levels.
- Consolidated operating earnings of $148.4 million improved to 18.4% of revenues (net sales plus financial services revenue) as compared to $130.2 million, or 16.7% of revenues, last year.
- Net earnings of $88.4 million, or $1.50 per diluted share, compares with net earnings of $76.4 million, or $1.30 per diluted share, a year ago.
Snap-on Announces Second Quarter 2013 Results
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