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KENOSHA, Wis., February 2, 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 2016 operating results for the fourth quarter and full year.

  • Sales of $889.8 million in the quarter increased $38.1 million, or 4.5%, from 2015 levels, reflecting a $30.0 million, or 3.6%, organic sales gain and $23.3 million of acquisition-related sales, partially offset by $15.2 million of unfavorable foreign currency translation.

  • Operating earnings before financial services of $176.1 million in the quarter improved 70 basis points to 19.8% of sales as compared to $162.3 million, or 19.1% of sales, last year. 

  • Financial services operating earnings of $51.6 million in the quarter increased $6.6 million, or 14.7%, from 2015 levels; financial services revenue of $74.2 million in the quarter increased 17.6% from 2015 levels.

  • Consolidated operating earnings of $227.7 million in the quarter improved 90 basis points to 23.6% of revenues (net sales plus financial services revenue) as compared to $207.3 million, or 22.7% of revenues, last year. 

  • The fourth quarter effective income tax rate was 30.8% in 2016 and 31.1% in 2015.  For the full year, the effective income tax rate of 31.0% compared to 31.7% last year.

  • Fourth quarter net earnings of $146.3 million, or $2.47 per diluted share, compared to net earnings of $131.4 million, or $2.22 per diluted share, a year ago.

  • Full year sales of $3,430.4 million increased $77.6 million, or 2.3%, from 2015 levels, reflecting a $96.2 million, or 2.9%, organic sales gain and $32.9 million of acquisition-related sales, partially offset by $51.5 million of unfavorable foreign currency translation.  Full year net earnings of $546.4 million, or $9.20 per diluted share, compared to net earnings of $478.7 million, or $8.10 per diluted share, last year.

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