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.”
