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KENOSHA, Wis., October 19, 2017 -- 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 third quarter of 2017.
 

  • Net sales of $903.8 million increased $69.7 million, or 8.4%, from 2016 levels, reflecting a $19.5 million, or 2.3%, organic sales gain, $44.3 million of acquisition-related sales and $5.9 million of favorable foreign currency translation.
     
  • Operating earnings before financial services of $153.1 million, or 16.9% of sales, included a pre-tax charge of $15.0 million related to a judgment in an employment-related litigation matter brought by an individual that is being appealed (“legal charge”), and compared to $157.6 million, or 18.9% of sales, last year. Excluding the legal charge, operating earnings before financial services, as adjusted, in 2017 was $168.1 million, or 18.6% of sales.
     
  • Financial services revenue of $79.0 million increased $7.4 million from 2016 levels; financial services operating earnings of $56.0 million increased $5.4 million from $50.6 million last year.
     
  • Consolidated operating earnings of $209.1 million, or 21.3% of revenues (net sales plus financial services revenue), compared to $208.2 million, or 23.0% of revenues, last year. Excluding the legal charge, consolidated operating earnings, as adjusted, in 2017 was $224.1 million, or 22.8% of revenues.
     
  • The third quarter effective income tax rate of 30.1% in 2017 was reduced by 60 bps as a result of the legal charge. The third quarter effective income tax rate was 31.2% in 2016.
     
  • Net earnings in the third quarter of 2017 were $133.4 million, or $2.29 per diluted share, compared to net earnings of $131.7 million, or $2.22 per diluted share a year ago. Excluding the legal charge, net earnings, as adjusted, of $142.7 million, in 2017 was $2.45 per diluted share.
     

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Events and Presentations

Snap-on 2017 Third Quarter Results Call
Thursday, October 19 @ 10:00 am ET/9:00 am CT

RBC Capital Markets' 2017 Industrials Conference
Replay

CL King 2017 Best Ideas Conference
Replay

Jefferies 2017 Industrials Conference
Replay

Snap-on 2017 Second Quarter Results Call
Replay

Oppenheimer 2017 Industrial Growth Conference
Replay

Snap-on 2017 First Quarter Results Call
Replay

Snap-on 2017 Annual Meeting of Shareholders
Replay

Snap-on 2016 Fourth Quarter and Full Year Results Call
Replay

 

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Annual Report Notice of Annual Meeting 
and Proxy Statement

2016 Annual Report

2017 Proxy Statement

2015 Annual Report

2016 Proxy Statement
2014 Annual Report 2015 Proxy Statement
2013 Annual Report 2014 Proxy Statement
2012 Annual Report 2013 Proxy Statement

 

Snap-on Incorporated is the owner of the trademark SNAP-ON registered in the United States and other countries, and also claims rights associated with its unregistered trademarks. ©2017 Snap-on Incorporated; All rights reserved.