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KENOSHA, Wis., October 20, 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 third quarter of 2016. 

  • Net sales of $834.1 million increased $12.6 million, or 1.5%, from 2015 levels; excluding $9.7 million of unfavorable foreign currency translation and $1.1 million of acquisition-related sales, organic sales increased $21.2 million or 2.6%.  (See “Non-GAAP Measures” below for a definition of, and further information on, organic sales.)

  • Operating earnings before financial services of $157.6 million increased 140 basis points to 18.9% of sales as compared to $143.6 million, or 17.5% of sales, last year. 

  • Financial services operating earnings of $50.6 million increased $7.1 million, or 16.3%, from 2015 levels; financial services revenue of $71.6 million increased 17.2% from 2015 levels.

  • Consolidated operating earnings of $208.2 million improved to 23.0% of revenues (net sales plus financial services revenue) as compared to $187.1 million, or 21.2% of revenues, last year. 

  • The third quarter effective income tax rate was 31.2% in 2016 and 31.6% in 2015. 

  • Net earnings of $131.7 million, or $2.22 per diluted share, compared to net earnings of $116.8 million, or $1.98 per diluted share, a year ago.

“We believe Snap-on’s third quarter results, including a 12.1% increase in diluted earnings per share and continued growth in organic sales, confirm our success in serving serious professionals performing critical tasks and in leveraging our Snap-on Value Creation Processes,” said Nick Pinchuk, Snap-on chairman and chief executive officer.  “The 140 basis point improvement in operating margin before financial services reflects our ability to drive ongoing improvements in safety, quality, customer connection and rapid continuous improvement.  In the third quarter, we again received recognition for several of our new products with awards from both MOTOR Magazine and Professional Tool & Equipment News, providing further evidence of the winning innovation that results from actively connecting with customers and furthering our deep understanding of their work.   Finally, these results would not have been possible without the dedication and capability of our franchisees and associates worldwide; I thank them for their extraordinary commitment and ongoing contributions.”

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Events and Presentations

Snap-on 2016 Third Quarter Results Call
October 20, 2016, 10:00 am ET/9:00 am CT

CL King 2016 Best Ideas Conference ~ Replay

RBC Capital Markets' 2016 Industrials Conference ~ Replay

Jefferies Industrials Conference Presentation ~ Replay

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

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

Snap-on 2016 Annual Meeting of Shareholders ~ Replay


Recent Corporate News

Snap-on to Acquire Car-O-Liner
October 17, 2016

Snap-on Incorporated Declares Quarterly Dividend
August 4, 2016

Snap-on to Present at Jefferies 2016 Industrials Conference - August 2, 2016

Snap-on Announces Second Quarter 2016 Results
July 21, 2016

Snap-on Appoints David C. Adams to Board of Directors
June 9, 2016


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.