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Snap-on Announces Second Quarter 2014 Results

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 second quarter of 2014.
  • Sales of $826.5 million increased $62.4 million, or 8.2%, from 2013 levels; excluding $10.5 million of acquisition-related sales and $1.4 million of favorable foreign currency translation, organic sales increased 6.6%.
  • Operating earnings before financial services of $138.1 million improved to 16.7% of sales as compared to $117.8 million, or 15.4% of sales, last year.
  • Financial services operating earnings of $34.8 million increased $4.2 million from 2013 levels.
  • Consolidated operating earnings of $172.9 million improved to 19.7% of revenues (net sales plus financial services revenue) as compared to $148.4 million, or 18.4% of revenues, last year.
  • Net earnings of $106.1 million, or $1.80 per diluted share, compares with net earnings of $88.4 million, or $1.50 per diluted share, a year ago.

“Our second quarter results include broad-based organic sales growth, which we believe affirms Snap-on’s unique capabilities in providing repeatability and reliability to a wide range of professional customers performing critical tasks in workplaces of consequence,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “At the same time, we remain committed to realizing ongoing benefits from our Snap-on Value Creation processes, as evidenced by this quarter’s 130 basis point improvement in operating margin before financial services and 20% growth in earnings per share. Finally, this continued progress along our defined runways for coherent growth and operating improvement would not be possible without the capability and commitment so evident across Snap-on, and I thank our franchisees and associates worldwide for their significant contributions and extraordinary efforts.”

Segment Results

Commercial & Industrial Group segment sales of $287.2 million in the quarter increased $21.0 million, or 7.9%, from 2013 levels. Excluding $1.2 million of unfavorable foreign currency translation, organic sales increased $22.2 million, or 8.4%, primarily due to higher volume with customers in critical industries and in the segment’s European-based hand tools business.

Operating earnings of $38.2 million in the period increased $4.6 million from 2013 levels, and the operating margin (operating earnings as a percentage of segment sales) of 13.3% improved 70 basis points from 12.6% a year ago.

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