Snap-on earnings and sales rise
Snap-on Inc. reported fourth quarter sales of $797.5 million increased 5.9% from 2012 levels.
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. 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.
Commercial & Industrial Group segment sales of $283.2 million in the quarter increased $7.6 million, or 2.8%, from 2012 levels. Higher sales in the segment’s European-based hand tools business along with increased sales of power tools were partially offset by continued lower sales to the military.
Snap-on Tools Group segment sales of $351.1 million in the quarter rose $29.5 million, or 9.2%, from 2012 levels, reflecting sales gains across both the company’s U.S. and international franchise operations.
Repair Systems & Information Group segment sales of $264.6 million in the quarter increased $23.0 million, or 9.5%, from 2012 levels. The year-over-year organic sales increase primarily reflects higher sales of diagnostic and repair information products to independent repair shop owners and managers, as well as gains in sales of undercar equipment, partially offset by lower sales to OEM dealerships.
Financial Services operating earnings of $33.0 million on revenue of $47.4 million in the quarter compared with operating earnings of $29.3 million on revenue of $42.9 million a year ago.
INDUSTRIAL SUPPLY MAGAZINE
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