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KENOSHA, Wis., July 21, 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 operating results for the second quarter of 2016. 

  • Net sales of $872.3 million increased $20.5 million, or 2.4%, from 2015 levels; excluding $10.2 million (120 basis points) of unfavorable foreign currency translation and $5.9 million (70 basis points) of acquisition-related sales, organic sales increased $24.8 million or 2.9%.  (See “Non-GAAP Measures” below for a definition of, and further information on, organic sales.)

  • Operating earnings before financial services of $166.4 million increased 140 basis points to 19.1% of sales as compared to $150.8 million, or 17.7% of sales, last year. 

  • Financial services operating earnings of $49.5 million increased $8.1 million, or 19.6%, from 2015 levels; financial services revenue of $69.3 million increased 18.1% from 2015 levels.

  • Consolidated operating earnings of $215.9 million improved to 22.9% of revenues (net sales plus financial services revenue) as compared to $192.2 million, or 21.1% of revenues, last year. 

  • The second quarter effective income tax rate was 31.0% in 2016 and 32.0% in 2015. 

  • Net earnings of $140.1 million, or $2.36 per diluted share, compared to net earnings of $120.0 million, or $2.03 per diluted share, a year ago.

“We believe our second quarter results continue to confirm Snap-on’s capabilities in serving serious professionals performing critical tasks in workplaces of consequence around the world,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “This performance, which includes 2.9% organic sales growth and a 16.3% increase in diluted earnings per share, demonstrates further progress along our defined runways for coherent growth and ongoing strength in automotive repair while overcoming continuing headwinds in certain challenging end markets and geographies. The 140 basis point improvement in operating margin before financial services also reflects contributions from our Snap-on Value Creation Processes, which drive our ongoing improvements in safety, quality, customer connection, innovation and rapid continuous improvement. Finally, these results and achievements reflect significant effort and dedication across the organization and I thank our franchisees and associates worldwide for their extraordinary contributions and commitment.”

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Events and Presentations

Snap-on 2016 Second Quarter Results Call ~
Thursday, July 21, 2016 @ 10:00 am ET/9:00 am CT

Oppenheimer Industrial Growth Presentation ~
Replay

Snap-on 2016 First Quarter Results Call ~ Replay
Slides, Transcript

Snap-on 2016 Annual Meeting of Shareholders ~ Replay

 

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Snap-on to Webcast 2015 Fourth Quarter and
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Annual Report Notice of Annual Meeting 
and 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. ©2016 Snap-on Incorporated; All rights reserved.