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KENOSHA, Wis., April 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 first quarter of 2015.

  • Sales of $827.8 million increased $40.3 million, or 5.1%, from 2014 levels; excluding $38.5 million of unfavorable foreign currency translation and $4.9 million of acquisition-related sales, organic sales increased 9.9%.

  • Operating earnings before financial services of $137.9 million improved 120 basis points to 16.7% of sales as compared to $121.7 million, or 15.5% of sales, last year. 

  • Financial services operating earnings of $40.3 million increased $5.9 million, or 17.2%, from 2014 levels; financial services revenues of $57.4 million increased 14.3% from 2014 levels.

  • Consolidated operating earnings of $178.2 million improved to 20.1% of revenues (net sales plus financial services revenue) as compared to $156.1 million, or 18.6% of revenues, last year. 

  • The first quarter effective income tax rate was 32.0% in 2015 and 31.6% in 2014.

  • Net earnings of $110.5 million, or $1.87 per diluted share, compared to net earnings of $95.9 million, or $1.62 per diluted share, a year ago. 

“We’re pleased to begin 2015 with encouraging first quarter results that included broad-based organic sales growth of 9.9% and a 15.4% increase in diluted earnings per share,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “We believe these results confirm Snap-on’s unique capabilities in providing valued productivity solutions to a growing range of professional customers performing critical tasks in workplaces of consequence.  Additionally, we achieved a 120 basis point improvement in operating margin before financial services, further demonstrating our ability to realize ongoing benefits from our Snap-on Value Creation Processes.  Finally, this continued progress along our defined runways for both coherent growth and operating improvement would not be possible without the capability and commitment so evident across Snap-on, and I thank our franchisees and associates worldwide for their significant contributions and extraordinary effort.” 

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Events and Presentations

Snap-on at 2015 Baird Growth Stock Conference
Wednesday, May 6 @ 4:00pm ET/3:00 pm CT

Snap-on 2015 Annual Meeting of Shareholders ~ Replay

Snap-on First Quarter 2015 Results Call ~ Replay

Snap-on Fourth Quarter 2014 Results Call Transcript

2014 Baird Industrial Conference Presentation

Snap-on Third Quarter 2014 Results Call Transcript

RBC 2014 Global Industrials Conference Transcript

Jefferies 2014 Global Industrials Conference Transcript

Snap-on Second Quarter 2014 Results Call Transcript

2014 Baird Growth Stock Conference Transcript

 

Recent Corporate News

Snap-on Incorporated Declares Quarterly Dividend
April 30, 2015

Snap-on Announces First Quarter 2015 Results
April 23, 2015

Snap-on Incorporated Declares Quarterly Dividend
February 12, 2015

Snap-on Announces Fourth Quarter and Full Year Results
February 5, 2015

Snap-on Raises Dividend 20.5%
November 6, 2014

 

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. ©2015 Snap-on Incorporated; All rights reserved.