Snap-on Incorporated, a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users, has released its operating results for the fourth quarter and full year of 2023.

Net sales for the fourth quarter of 2023 totaled $1,196.6 million, marking an increase of $40.7 million, or 3.5%, from the previous year. This increase was driven by a $26.1 million organic gain, $5.5 million from acquisitions and $9.1 million from favorable foreign currency translation.

Operating earnings before financial services for the quarter were $257.9 million, compared to $248 million in 2022, with an operating margin of 21.6%. Financial services revenue in the quarter was $97.2 million, contributing to financial services operating earnings of $67.9 million.

Consolidated operating earnings for the quarter amounted to $325.8 million, representing 25.2% of revenues. Net earnings for the quarter were $255.3 million, or $4.75 per diluted share, compared to $238.9 million, or $4.42 per diluted share, in the previous year.

Full-year net sales for 2023 reached $4,730.2 million, reflecting an increase of $237.4 million, or 5.3%, from 2022 levels. Net earnings for the full year amounted to $1,011.1 million, with diluted earnings per share of $18.76, an 11.5% increase from the previous year.

Snap-on Chairman and CEO Nick Pinchuk said in 2023, the company made progress despite market uncertainties. He added that the company experienced positive momentum in critical industries with the recent acquisition of Mountz, Inc., which expands the company’s product offerings for precision applications.

Segment results for the fourth quarter included:

• Commercial and industrial group segment sales of $363.9 million, up 3.3% organically, with operating earnings of $54.1 million.
• Snap-on tools group segment sales of $513.3 million, reflecting a 5.7% organic sales decline, with operating earnings of $111.0 million.
• Repair systems and information group segment sales of $450.8 million, up 2.0% organically, with operating earnings of $113.3 million.
• Financial services operating earnings of $67.9 million on revenue of $97.2 million.

Snap-on expects ongoing progress in 2024, leveraging its capabilities in automotive repair and expanding its customer base in adjacent markets and geographies. The company anticipates capital expenditures in 2024 to be in the range of $100 million to $110 million, with an effective income tax rate of 22% to 23% for the full year.