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KENOSHA, Wis., July 20, 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 second quarter of 2017. 

  • Net sales of $921.4 million increased $49.1 million, or 5.6%, from 2016 levels, reflecting a $23.2 million, or 2.7%, organic sales gain and $38.4 million of acquisition-related sales, partially offset by $12.5 million of unfavorable foreign currency translation.  (See “Non-GAAP Measures” below for a definition of, and further explanation about, organic sales.)

  • Operating earnings before financial services of $183.7 million improved 80 basis points to 19.9% of sales as compared to $166.4 million, or 19.1% of sales, last year. 

  • Financial services revenue of $77.7 million increased $8.4 million from 2016 levels; financial services operating earnings of $54.6 million increased from $49.5 million last year.

  • Consolidated operating earnings of $238.3 million improved 100 basis points to 23.9% of revenues (net sales plus financial services revenue) as compared to $215.9 million, or 22.9% of revenues, last year. 

  • The second quarter effective income tax rate was 30.6% in 2017 and 31.0% in 2016.   

  • Net earnings of $153.2 million, or $2.60 per diluted share, compared to net earnings of $140.1 million, or $2.36 per diluted share, a year ago.

“We believe diluted earnings per share growth of 10.2% and a net sales increase of 5.6%, including an organic sales rise of 2.7%, represent encouraging results for the second quarter and confirm our success in serving serious professionals performing critical tasks,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “Our year-over-year improvement in operating margin before financial services reflects ongoing progress through our Snap-on Value Creation Processes. At the same time, these results also demonstrate continued advancement along our strategic runways for growth, as indicated by the notable increase in activity in the quarter. Despite some sales headwinds in the quarter for the Snap-on Tools Group, we believe the vehicle repair markets in which we operate remain robust and afford significant ongoing opportunity. Furthermore, our acquisition of Norbar Torque Tools in the second quarter adds to our expanding product offering to customers in critical industries. Finally, these results would not have been possible without the dedication and capability of our franchisees and associates worldwide; I thank them for their extraordinary commitment and ongoing contributions.”

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Events and Presentations

Snap-on 2017 Second Quarter Results Call
Thursday, July 20 @ 10:00 am ET/9:00 am CT

Oppenheimer 2017 Industrial Growth Conference

Snap-on 2017 First Quarter Results Call

Snap-on 2017 Annual Meeting of Shareholders

Snap-on 2016 Fourth Quarter and Full Year Results Call

Baird 2016 Industrial Conference Presentation ~


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2014 Annual Report 2015 Proxy Statement
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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.