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 operating results for the first quarter of 2014.
- Sales of $787.5 million increased $45.8 million, or 6.2%, from 2013 levels; excluding $15.2 million of acquisition-related sales and $5.9 million of unfavorable foreign currency translation, organic sales increased 5.0%.
- Operating earnings before financial services of $121.7 million improved to 15.5% of sales as compared to $107.8 million, or 14.5% of sales, last year.
- Financial services operating earnings of $34.4 million increased $3.9 million, or 12.8%, from 2013 levels.
- Consolidated operating earnings of $156.1 million improved to 18.6% of revenues (net sales plus financial services revenue) as compared to $138.3 million, or 17.6% of revenues, last year.
- Net earnings of $95.9 million, or $1.62 per diluted share, compares with net earnings of $82.8 million, or $1.40 per diluted share, a year ago.
“Our first quarter results, including a 6.2% sales increase and a 15.7% rise in diluted earnings per share, represent an encouraging start for 2014,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “We believe that these results provide continued evidence that Snap-on’s value proposition of making work easier for serious professionals in workplaces of consequence is an ongoing strength as we continue to move forward along our clear runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets. At the same time, our year-over-year 100 basis point improvement in operating margin further confirms the abundant potential of Snap-on Value Creation, our suite of principles and processes we employ every day around safety, quality, customer connection, innovation and rapid continuous improvement. Finally, these results would not have been possible without significant contributions from our franchisees and associates worldwide; I thank them for their ongoing and extraordinary commitment and dedication.”