Snap-on Announces Fourth Quarter, Full Year 2013 Results - aftermarketNews

Snap-on Announces Fourth Quarter, Full Year 2013 Results

The company reported sales of $797.5 million in the quarter, which increased $44.3 million, or 5.9 percent, from 2012 levels.

KENOSHA, Wis. – Snap-on Inc. has announced 2013 operating results for the fourth quarter and full year.
 
The company reported sales of $797.5 million in the quarter, which increased $44.3 million, or 5.9 percent, from 2012 levels. Excluding $15.2 million of sales from the May 2013 acquisition of Challenger Lifts Inc. and $5.3 million of unfavorable foreign currency translation, organic sales increased 4.6 percent.
 
The company reported full year 2013 sales of $3.1 billion, which increased 4 percent from 2012 levels. Excluding $39.3 million of sales from the Challenger acquisition and $21.6 million of unfavorable foreign currency translation, organic sales increased 3.5 percent. Full year 2013 net earnings of $350.3 million, or $5.93 per diluted share, compared with 2012 net earnings of $306.1 million, or $5.20 per diluted share.
 
“Our fourth quarter results, including a 5.9 percent sales increase and a 15.5 percent operating margin before financial services, demonstrate continued and balanced progress down our runways for both improvement and growth,” said Nick Pinchuk, Snap-on chairman and CEO. “Despite some meaningful external headwinds throughout 2013, our full year sales reached a new milestone, surpassing $3 billion, and our full year operating margin before financial services of 15.1 percent reflects a 120 basis point year-over-year improvement.
 
"In 2014, we believe we’ll make further advances through Snap-on Value Creation, our suite of principles and processes we employ every day around safety, quality, customer connection, innovation and rapid continuous improvement. At the same time, to reach more and more professionals performing critical tasks wherever and whenever the costs and penalties for failure can be high, we’re continuing to drive forward along our runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets. Finally, our progress in 2013 would not have been possible without the tremendous contributions and efforts of our franchisees and associates worldwide; I thank them all for their significant commitment and extraordinary dedication.”
 
 
 

You May Also Like

MPA Reports Strong Financial Results for Fiscal Q3 2024

MPA’s Q3 results showed increases in net sales, operating income and cash flow from operating activities.

Motorcar Parts of America, Inc. released its financial results for the fiscal 2024 third quarter and nine-month period ending December 31, 2023, showcasing increases in net sales, operating income and cash flow from operating activities.

During the fiscal third quarter, net sales surged by 13.2 percent to $171.9 million, accompanied by a substantial improvement in gross margin by 3.7 percentage points. Gross profit increased by 43.1 percent to $30 million, while operating income increased 170.1 percent to $9.5 million. The company generated approximately $53.6 million in cash from operating activities during the quarter, according to MPA's earnings report.

O’Reilly Reports Q4, Full-Year 2023 Financial Results

The company said it anticipates continued growth in 2024, with projections including 190 to 200 net new store openings.

financial results
Valvoline, Inc. Reports Q1 Growth

Valvoline saw an increase in system-wide stores to 1,890, including 895 company-operated stores and 995 franchised stores in Q1.

Valvoline Instant Oil Change building
Eaton Reports Record Q4 2023 Results

Fourth-quarter sales reached $6 billion, an 11% increase from the previous year, driven by organic growth and a slight boost from foreign exchange.

PACCAR Achieves Record Annual Revenues, Net Income

PACCAR Parts reported a record annual pre-tax income of $1.7 billion and revenues of $6.41 billion.

Financial-results

Other Posts

Continental Unveils Strategy for Enhanced Value Creation

Continental is focusing on business areas with high growth potential, including making its UX business organizationally independent.

Conti-HQ
AutoZone Q1 Domestic Same Store Sales Increase 1.2%

The company’s same-store sales showed a 25.1% jump internationally.

Advance Looks to Spin Off Worldpac, Canadian Business

Advance is taking steps to improve its cost structure and return the business to profitable growth, company executives said.

Advance auto parts store
GPC Reports Q3 Results, Updates Full-Year Outlook

Paul Donahue, chairman and CEO, said GPC’s Q3 was highlighted by double-digit earnings growth.