KENOSHA, Wis. – Snap-on Inc. has announced its operating results for the second quarter of 2013.
The company reported sales of $764.1 million increased $26.2 million, or 3.6 percent, from 2012 levels; excluding $4.7 million of unfavorable foreign currency translation and $8.5 million of sales from the previously announced May 2013 acquisition of Challenger Lifts Inc., organic sales increased 3.1 percent.
Restructuring costs totaled $1.8 million in the quarter; restructuring costs of $10.2 million in the second quarter of 2012 included $6.8 million for the settlement of a pension plan. Stock-based and mark-to-market expenses in the quarter increased $4.4 million from 2012 levels.
The company reported net earnings of $88.4 million, or $1.50 per diluted share, compared with net earnings of $76.4 million, or $1.30 per diluted share, a year ago.
“We believe our performance in the second quarter reaffirms Snap-on’s strengths in serving serious professionals performing critical repairs around the world every day,” said Nick Pinchuk, Snap-on chairman and CEO. “Again this quarter, we achieved higher year-over-year sales and increased operating income in spite of ongoing headwinds in specific parts of our business, and we continued to progress in those strategic areas of importance that we’ve identified as being decisive to our future. For example, our recent acquisition of Challenger Lifts in the second quarter broadens our established capabilities and furthers our advancement along the growth runway of expanding with repair shop owners and managers. Finally, I thank our franchisees and associates worldwide for their significant dedication and contributions, without which these results would not have been possible.”
In 2013, Snap-on expects to continue with the advancement of its strategic framework designed to enhance its mobile tool distribution network, expand in the vehicle repair garage, extend to critical industries and build in emerging markets. In pursuit of these initiatives, Snap-on continues to anticipate that capital expenditures in 2013 will be in a range of $70 million to $80 million. Snap-on also expects that its full year 2013 effective income tax rate will be comparable to its 2012 rate.
