KENOSHA, Wis., July 17, 2014 -- 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.
KENOSHA, Wis., July 22, 2014 -- Snap-on Incorporated (NYSE: SNA) today announced that its board of directors has appointed Ruth Ann M. Gillis as a director, effective July 18, 2014.
Ms. Gillis, age 59, retired as executive vice president and chief administrative officer of Exelon Corporation (“Exelon”), a utility services holding company engaged in the energy generation and delivery business, in July 2014 after serving in such roles since 2005. She was also president of Exelon Business Services Company, a subsidiary of Exelon. Previous roles include executive vice president of ComEd, an Exelon subsidiary, and chief financial officer of Exelon. Ms. Gillis also serves as a director of KeyCorp, a bank holding company, and its subsidiary, KeyBank National Association.
“We are very pleased to welcome Ruth Ann Gillis to Snap-on’s board of directors,” said W. Dudley Lehman, Snap-on director and chair of the corporate governance and nominating committee. "Ruth Ann’s extensive financial and business experience will greatly benefit
Snap-on and the board. We look forward to adding her considerable capability to the Snap-on team."
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