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Snap-on Announces Fourth Quarter And Full Year 2013 Results

Stocks in this article: SNA

Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced 2013 operating results for the fourth quarter and full year.

  • Sales of $797.5 million in the quarter increased $44.3 million, or 5.9%, from 2012 levels; excluding $15.2 million of sales from the May 2013 acquisition of Challenger Lifts, Inc. (“Challenger”) and $5.3 million of unfavorable foreign currency translation, organic sales increased 4.6%.
  • Operating earnings before financial services of $123.6 million, or 15.5% of sales, in the quarter compares with $111.4 million, or 14.8% of sales, last year.
  • Financial services operating earnings of $33.0 million in the quarter increased $3.7 million, or 12.6%, from 2012 levels.
  • Consolidated operating earnings of $156.6 million, or 18.5% of revenues (net sales plus financial services revenue), in the quarter increased from $140.7 million, or 17.7% of revenues, last year.
  • Net earnings of $94.5 million, or $1.60 per diluted share, for the quarter compares with net earnings of $84.6 million, or $1.43 per diluted share, a year ago.
  • Full year 2013 sales of $3.1 billion increased 4.0% from 2012 levels; excluding $39.3 million of sales from the Challenger acquisition and $21.6 million of unfavorable foreign currency translation, organic sales increased 3.5%. Full year 2013 net earnings of $350.3 million, or $5.93 per diluted share, compares with 2012 net earnings of $306.1 million, or $5.20 per diluted share.

“Our fourth quarter results, including a 5.9% sales increase and a 15.5% operating margin before financial services, demonstrate continued and balanced progress down our runways for both improvement and growth,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “Despite some meaningful external headwinds throughout 2013, our full year sales reached a new milestone, surpassing $3 billion, and our full year operating margin before financial services of 15.1% reflects a 120 basis point year-over-year improvement. In 2014, we believe we’ll make further advances through Snap-on Value Creation, our suite of principles and processes we employ every day around safety, quality, customer connection, innovation and rapid continuous improvement. At the same time, to reach more and more professionals performing critical tasks wherever and whenever the costs and penalties for failure can be high, we’re continuing to drive forward along our runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets. Finally, our progress in 2013 would not have been possible without the tremendous contributions and efforts of our franchisees and associates worldwide; I thank them all for their significant commitment and extraordinary dedication.”

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