KENOSHA, Wis., July 23, 2015 -- 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 2015.
- Sales of $851.8 million increased $25.3 million, or 3.1%, from 2014 levels; excluding $43.4 million of unfavorable foreign currency translation and $2.8 million of acquisition-related sales, organic sales increased $65.9 million or 8.4%.
- Operating earnings before financial services of $150.8 million improved 100 basis points to 17.7% of sales as compared to $138.1 million, or 16.7% of sales, last year.
- Financial services operating earnings of $41.4 million increased $6.6 million, or 19.0%, from 2014 levels; financial services revenues of $58.7 million increased 13.5% from 2014 levels.
- Consolidated operating earnings of $192.2 million improved to 21.1% of revenues (net sales plus financial services revenue) as compared to $172.9 million, or 19.7% of revenues, last year.
- The second quarter effective income tax rate was 32.0% in 2015 and 32.9% in 2014.
- Net earnings of $120.0 million, or $2.03 per diluted share, compared to net earnings of $106.1 million, or $1.80 per diluted share, a year ago.
“We’re encouraged by the ongoing progress reflected in our second quarter results, including 8.4% organic sales growth, a 17.7% operating margin before financial services, representing a 100 basis point improvement, and a 12.8% increase in diluted earnings per share,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “We believe these results once again validate Snap-on’s ability to build upon our unique combination of capabilities in serving serious professionals and to successfully navigate our runways for coherent growth and operating improvement in multiple industries across varied geographies. Finally, this continued progress is only possible as a result of the tremendous dedication, effort and skill across the Snap-on team. In that regard, I thank our franchisees and associates worldwide for their contributions, commitment and support.”
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