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KENOSHA, Wis., February 4, 2016 -- 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 2015 operating results for the fourth quarter and full year. 

  • Sales of $851.7 million in the quarter decreased $5.7 million, or 0.7%, from 2014 levels; excluding $33.2 million of unfavorable foreign currency translation and $2.2 million of acquisition-related sales,  organic sales increased $25.3 million or 3.1%.

  • Operating earnings before financial services of $162.3 million in the quarter improved 220 basis points to 19.1% of sales as compared to $145.2 million, or 16.9% of sales, last year. 

  • Financial services operating earnings of $45.0 million in the quarter increased $2.8 million, or 6.6%, from 2014 levels; financial services revenue of $63.1 million in the quarter increased 6.2% from 2014 levels.

  • Consolidated operating earnings of $207.3 million in the quarter improved to 22.7% of revenues (net sales plus financial services revenue) as compared to $187.4 million, or 20.4% of revenues, last year. 

  • The fourth quarter effective income tax rate was 31.1% in 2015 and 32.1% in 2014.  For the full year, the effective income tax rate of 31.7% compared to 32.1% last year.

  • Fourth quarter net earnings of $131.4 million, or $2.22 per diluted share, compared to net earnings of $116.2 million, or $1.97 per diluted share, a year ago.

  • Full year sales of $3,352.8 million increased 2.3% from 2014 levels; excluding $157.7 million of unfavorable foreign currency translation and $12.0 million of acquisition-related sales, organic sales increased 7.1%.  Full year net earnings of $478.7 million, or $8.10 per diluted share, compared to net earnings of $421.9 million, or $7.14 per diluted share, last year.

“For full-year 2015, Snap-on achieved organic sales growth of 7.1% and diluted earnings per share increased 13.4%, once again validating Snap-on’s ability to build upon its unique combination of capabilities in serving serious professionals and to successfully navigate our runways for coherent growth and operating improvement,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “Our fourth quarter results, including 3.1% organic sales growth, a 19.1% operating margin before financial services, and a 12.7% increase in diluted earnings per share, represent an encouraging finish to 2015 and demonstrate ongoing progress along these runways while overcoming meaningful and continuing external headwinds. As we enter 2016, we believe that we’ll further strengthen our position with professionals performing critical tasks by enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets.  At the same time, we remain committed to taking advantage of the opportunities for ongoing operating improvement through our Snap-on Value Creation Processes in the areas of safety, quality, customer connection and rapid continuous improvement.  Finally, our progress in 2015 would not have been possible without the capability and commitment of our franchisees and associates, and I thank them for their dedication and their contributions.”  

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Events and Presentations

2015 Fourth Quarter and Full Year Results Call ~ Replay

2015 Baird Industrial Conference Presentation
Slides, Transcript

2015 Third Quarter Results Call ~ Replay
Slides, Transcript

2015 RBC Capital Markets' Industrials Conference ~ Replay

Jefferies 2015 Industrial Conference ~ Replay
Slides, Transcript

2015 Second Quarter Results Call ~ Replay
Slides, Transcript

2015 Baird Growth Stock Conference ~ Replay
Slides, Transcript

Snap-on 2015 Annual Meeting of Shareholders ~ Replay

Snap-on First Quarter 2015 Results Call ~ Replay

 

Recent Corporate News

Snap-on Incorporated Declares Quarterly Dividend
February 11, 2016

Snap-on Announces Fourth Quarter and Full Year 2015 Results
February 4, 2016

Snap-on to Webcast 2015 Fourth Quarter and
Full Year Results Conference Call

January 21, 2016

Snap-on Raises Dividend 15.1%
November 9, 2015

Snap-on to Present at Biard Industrial Conference
November 4, 2015

Snap-on Announces Third Quarter 2015 Results
October 22, 2015

Snap-on Incorporated to Webcast 2015
Third Quarter Results Conference Call

October 8, 2015

 

Annual Report Notice of Annual Meeting 
and 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. ©2016 Snap-on Incorporated; All rights reserved.