Snap-on Announces Second Quarter 2013 Results

Diluted EPS of $1.50 increases 15.4%; Sales of $764.1 million up 3.6% over 2012 levels; Operating earnings before financial services improves to 15.4% of sales

KENOSHA, Wis. - (BUSINESS WIRE) - Jul. 18, 2013 - 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 second quarter of 2013.

  • Sales of $764.1 million increased $26.2 million, or 3.6%, 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. (“Challenger”), organic sales increased 3.1%.
  • Operating earnings before financial services of $117.8 million, or 15.4% of sales, compares with $104.6 million, or 14.2% of sales, last year.
  • 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.
  • Financial services operating earnings of $30.6 million increased $5.0 million from 2012 levels.
  • Consolidated operating earnings of $148.4 million improved to 18.4% of revenues (net sales plus financial services revenue) as compared to $130.2 million, or 16.7% of revenues, last year.
  • Net earnings of $88.4 million, or $1.50 per diluted share, compares 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 chief executive officer. “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.”

Segment Results

Commercial & Industrial Group segment sales of $266.2 million in the quarter decreased $17.2 million, or 6.1%, from 2012 levels primarily due to lower sales to the military and in the segment’s European-based hand tools business. Excluding $2.1 million of unfavorable foreign currency translation, organic sales in the quarter decreased 5.4%.

Operating earnings of $33.6 million in the period increased $0.8 million from 2012 levels, and the operating margin (operating earnings as a percentage of segment sales) of 12.6% improved from 11.6% a year ago.

Snap-on Tools Group segment sales of $346.2 million in the quarter rose $21.2 million, or 6.5%, from 2012 levels, reflecting sales gains across both the company’s U.S. and international franchise operations. Excluding $1.5 million of unfavorable foreign currency translation, organic sales increased 7.0%.

Operating earnings of $54.5 million in the period increased $10.0 million from 2012 levels and the operating margin of 15.7% compared with 13.7% a year ago. Operating earnings in 2013 includes $0.2 million of restructuring costs; operating earnings in the second quarter of 2012 included $6.9 million of restructuring costs largely for a pension plan settlement. Operating earnings in 2013 also includes $1.8 million of higher stock-based and mark-to-market expenses associated with the company’s franchisee stock purchase plan.

Repair Systems & Information Group segment sales of $246.2 million in the quarter increased $18.8 million, or 8.3%, from 2012 levels. Excluding $8.5 million of sales from the Challenger acquisition and $0.8 million of unfavorable foreign currency translation, organic sales in the quarter rose 4.9%, primarily due to higher sales to Original Equipment Manufacturer (OEM) dealerships and gains in sales of diagnostics and repair information products to independent repair shop owners and managers.

Operating earnings of $56.7 million in the period increased $4.5 million from 2012 levels; the operating margin was 23.0% in both the second quarters of 2013 and 2012.

Financial Services operating earnings of $30.6 million on revenue of $44.5 million in the quarter compared with operating earnings of $25.6 million on revenue of $39.9 million a year ago.

Corporate expenses of $27.0 million in the quarter increased from $24.9 million last year, primarily due to $2.6 million of higher stock-based and mark-to-market expenses.

Outlook

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.

Conference Call and Webcast July 18, 2013, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, July 18, 2013, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, including the accompanying slide presentation, visit www.snapon.com/sna and click on the link toward the bottom of the page. Additional detail about Snap-on is also available on the Snap-on web site.

About Snap-on

Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $2.9 billion, S&P 500 company headquartered in Kenosha, Wisconsin.

Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended December 29, 2012, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

For additional information, please visit www.snapon.com.

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(unaudited)
                 
                 
                 
    Three Months Ended   Six Months Ended
    June 29,   June 30,   June 29,   June 30,
    2013   2012   2013   2012
                 
Net sales   $ 764.1     $ 737.9     $ 1,505.8     $ 1,473.1  
Cost of goods sold     (390.9 )     (388.0 )     (775.7 )     (775.5 )
Gross profit     373.2       349.9       730.1       697.6  
Operating expenses     (255.4 )     (245.3 )     (504.5 )     (495.5 )
Operating earnings before financial services     117.8       104.6       225.6       202.1  
                 
Financial services revenue     44.5       39.9       88.5       77.9  
Financial services expenses     (13.9 )     (14.3 )     (27.4 )     (28.4 )
Operating earnings from financial services     30.6       25.6       61.1       49.5  
                 
Operating earnings     148.4       130.2       286.7       251.6  
Interest expense     (13.8 )     (13.9 )     (27.4 )     (27.8 )
Other income (expense) – net     (1.7 )     0.1       (2.3 )     (0.3 )
Earnings before income taxes and                
equity earnings     132.9       116.4       257.0       223.5  
Income tax expense     (42.5 )     (38.3 )     (81.3 )     (73.5 )
Earnings before equity earnings     90.4       78.1       175.7       150.0  
Equity earnings, net of tax     0.3       0.4       0.1       1.5  
Net earnings     90.7       78.5       175.8       151.5  
Net earnings attributable to noncontrolling interests     (2.3 )     (2.1 )     (4.6 )     (4.1 )
Net earnings attributable to Snap-on Inc.   $ 88.4     $ 76.4     $ 171.2     $ 147.4  
                 
                 
Net earnings per share attributable to Snap-on Inc.:                
Basic   $ 1.52     $ 1.31     $ 2.94     $ 2.53  
Diluted     1.50       1.30       2.90       2.51  
                 
Weighted-average shares outstanding:                
Basic     58.2       58.2       58.2       58.2  
Effect of dilutive options     0.8       0.6       0.9       0.6  
Diluted     59.0       58.8       59.1       58.8  

 

                   
SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
                   
                   
    Three Months Ended     Six Months Ended
    June 29,   June 30,     June 29,   June 30,
    2013   2012     2013   2012
                   
Net sales:                  
Commercial & Industrial Group   $ 266.2     $ 283.4       $ 532.6     $ 569.9  
Snap-on Tools Group     346.2       325.0         673.5       641.6  
Repair Systems & Information Group     246.2       227.4         492.3       453.5  
Segment net sales     858.6  

 

  835.8         1,698.4       1,665.0  
Intersegment eliminations     (94.5 )     (97.9 )       (192.6 )     (191.9 )
Total net sales   $ 764.1     $ 737.9       $ 1,505.8     $ 1,473.1  
Financial Services revenue     44.5       39.9         88.5       77.9  
Total revenues   $ 808.6     $ 777.8       $ 1,594.3     $ 1,551.0  
                   
Operating earnings:                  
Commercial & Industrial Group   $ 33.6     $ 32.8       $ 64.2     $ 62.0  
Snap-on Tools Group     54.5       44.5         101.7       90.6  
Repair Systems & Information Group     56.7       52.2         113.2       100.8  
Financial Services     30.6       25.6         61.1       49.5  
Segment operating earnings     175.4  

 

  155.1         340.2       302.9  
Corporate     (27.0 )     (24.9 )       (53.5 )     (51.3 )
Operating earnings   $ 148.4     $ 130.2       $ 286.7     $ 251.6  
Interest expense     (13.8 )     (13.9 )       (27.4 )     (27.8 )
Other income (expense) – net     (1.7 )     0.1         (2.3 )     (0.3 )
Earnings before income taxes                  
and equity earnings   $ 132.9     $ 116.4       $ 257.0     $ 223.5  

 

 
SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
           
           
    June 29,     December 29,
    2013     2012
           
Assets          
Cash and cash equivalents   $ 174.7       $ 214.5  
Trade and other accounts receivable – net     499.9         497.9  
Finance receivables – net     355.4         323.1  
Contract receivables – net     56.1         62.7  
Inventories – net     418.1         404.2  
Deferred income tax assets     77.0         81.8  
Prepaid expenses and other assets     105.0         84.8  
Total current assets     1,686.2         1,669.0  
           
Property and equipment – net     375.1         375.2  
Deferred income tax assets     104.4         110.4  
Long-term finance receivables – net     520.8         494.6  
Long-term contract receivables – net     203.0         194.4  
Goodwill     823.9         807.4  
Other intangibles – net     192.2         187.2  
Other assets     55.9         64.1  
Total assets   $ 3,961.5       $ 3,902.3  
           
Liabilities and Equity          
Notes payable and current maturities of long-term debt   $ 114.9       $ 5.2  
Accounts payable     157.6         142.5  
Accrued benefits     44.6         50.6  
Accrued compensation     73.3         88.3  
Franchisee deposits     54.8         54.7  
Other accrued liabilities     250.9         247.9  
Total current liabilities     696.1         589.2  
           
Long-term debt     861.4         970.4  
Deferred income tax liabilities     138.5         127.1  
Retiree health care benefits     46.0         48.4  
Pension liabilities     239.7         260.7  
Other long-term liabilities     83.9         87.5  
Total liabilities     2,065.6         2,083.3  
           
Equity          
Shareholders' equity attributable to Snap-on Inc.          
Common stock     67.4         67.4  
Additional paid-in capital     219.6         204.6  
Retained earnings     2,193.2         2,067.0  
Accumulated other comprehensive loss     (155.9 )       (124.2 )
Treasury stock at cost     (445.5 )       (412.7 )
Total shareholders' equity attributable to Snap-on Inc.     1,878.8         1,802.1  
Noncontrolling interests     17.1         16.9  
Total equity     1,895.9         1,819.0  
Total liabilities and equity   $ 3,961.5       $ 3,902.3  

 

         
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flow
(Amounts in millions)
(unaudited)
         
    Three Months Ended
    June 29,   June 30,
    2013   2012
         
Operating activities:        
Net earnings   $ 90.7     $ 78.5  
Adjustments to reconcile net earnings to net cash provided (used) by        
operating activities:        
Depreciation     13.0       12.6  
Amortization of other intangibles     6.5       6.6  
Provision for losses on finance receivables     5.6       4.8  
Provision for losses on non-finance receivables     2.1       3.5  
Stock-based compensation expense     10.0       7.4  
Excess tax benefits from stock-based compensation     (1.9 )     (0.7 )
Deferred income tax benefit     (3.5 )     (10.8 )
Gain on sale of assets     -       (0.1 )
Changes in operating assets and liabilities, net of effects of acquisition:        
(Increase) decrease in trade and other accounts receivable     2.4       (5.9 )
Increase in contract receivables     (0.8 )     (9.3 )
Increase in inventories     (15.7 )     (15.3 )
Increase in prepaid and other assets     (10.5 )     (6.6 )
Increase in accounts payable     4.4       5.1  
Increase in accruals and other liabilities     7.8       21.9  
Net cash provided by operating activities     110.1       91.7  
         
Investing activities:        
Additions to finance receivables     (177.1 )     (149.9 )
Collections of finance receivables     124.6       110.1  
Capital expenditures     (16.7 )     (18.0 )
Acquisition of business     (38.2 )     -  
Disposal of property and equipment     0.2       0.3  
Other     (0.3 )     -  
Net cash used by investing activities     (107.5 )     (57.5 )
         
Financing activities:        
Proceeds from short-term borrowings     1.6       -  
Repayments of short-term borrowings     -       (0.8 )
Net increase in other short-term borrowings     2.4       1.2  
Cash dividends paid     (22.3 )     (19.5 )
Purchase of treasury stock     (40.4 )     (8.2 )
Proceeds from stock purchase and option plans     18.7       9.2  
Excess tax benefits from stock-based compensation     1.9       0.7  
Other     (2.4 )     (2.7 )
Net cash used by financing activities     (40.5 )     (20.1 )
         
Effect of exchange rate changes on cash and cash equivalents     (1.0 )     (2.1 )
Increase (decrease) in cash and cash equivalents     (38.9 )     12.0  
         
Cash and cash equivalents at beginning of period     213.6       161.6  
Cash and cash equivalents at end of period   $ 174.7     $ 173.6  
         
Supplemental cash flow disclosures:        
Cash paid for interest   $ (1.5 )   $ (1.5 )
Net cash paid for income taxes     (57.9 )     (32.2 )

 

         
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flow
(Amounts in millions)
(unaudited)
         
    Six Months Ended
    June 29,   June 30,
    2013   2012
         
Operating activities:        
Net earnings   $ 175.8     $ 151.5  
Adjustments to reconcile net earnings to net cash provided (used) by        
operating activities:        
Depreciation     25.5       25.2  
Amortization of other intangibles     12.8       13.0  
Provision for losses on finance receivables     9.5       8.7  
Provision for losses on non-finance receivables     6.2       6.3  
Stock-based compensation expense     19.5       16.1  
Excess tax benefits from stock-based compensation     (5.9 )     (2.7 )
Deferred income tax provision     10.9       2.6  
Gain on sale of assets     (0.1 )     (0.9 )
Changes in operating assets and liabilities, net of effects of acquisition:        
Increase in trade and other accounts receivable     (9.9 )     (2.9 )
Increase in contract receivables     (7.3 )     (13.5 )
Increase in inventories     (18.8 )     (19.4 )
Increase in prepaid and other assets     (19.8 )     (27.0 )
Increase in accounts payable     14.3       20.1  
Decrease in accruals and other liabilities     (26.9 )     (20.4 )
Net cash provided by operating activities     185.8       156.7  
         
Investing activities:        
Additions to finance receivables     (321.5 )     (285.4 )
Collections of finance receivables     247.1       216.2  
Capital expenditures     (31.4 )     (39.8 )
Acquisition of business     (38.2 )     -  
Disposal of property and equipment     0.5       2.2  
Other     (10.5 )     -  
Net cash used by investing activities     (154.0 )     (106.8 )
         
Financing activities:        
Proceeds from short-term borrowings     1.6       6.5  
Repayments of short-term borrowings     (0.5 )     (8.5 )
Net increase in other short-term borrowings     9.0       0.2  
Cash dividends paid     (44.4 )     (39.6 )
Purchase of treasury stock     (62.1 )     (38.1 )
Proceeds from stock purchase and option plans     26.1       22.5  
Excess tax benefits from stock-based compensation     5.9       2.7  
Other     (5.4 )     (6.3 )
Net cash used by financing activities     (69.8 )     (60.6 )
         
Effect of exchange rate changes on cash and cash equivalents     (1.8 )     (1.3 )
Decrease in cash and cash equivalents     (39.8 )     (12.0 )
         
Cash and cash equivalents at beginning of year     214.5       185.6  
Cash and cash equivalents at end of period   $ 174.7     $ 173.6  
         
Supplemental cash flow disclosures:        
Cash paid for interest   $ (27.4 )   $ (27.7 )
Net cash paid for income taxes     (79.5 )     (39.1 )

 

                 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
                 
                 
    Operations*   Financial Services
    Three Months Ended   Three Months Ended
    June 29,   June 30,   June 29,   June 30,
    2013   2012   2013   2012
                 
Net sales   $ 764.1     $ 737.9     $ -     $ -  
Cost of goods sold     (390.9 )     (388.0 )     -       -  
Gross profit     373.2       349.9       -       -  
Operating expenses     (255.4 )     (245.3 )     -       -  
Operating earnings before financial services     117.8       104.6       -       -  
                 
Financial services revenue     -       -       44.5       39.9  
Financial services expenses     -       -       (13.9 )     (14.3 )
Operating earnings from financial services     -       -       30.6       25.6  
                 
Operating earnings     117.8       104.6       30.6       25.6  
Interest expense     (13.3 )     (13.6 )     (0.5 )     (0.3 )
Intersegment interest income (expense) – net     11.8       10.4       (11.8 )     (10.4 )
Other income (expense) – net     (1.7 )     0.2       -       (0.1 )
Earnings before income taxes and equity earnings     114.6       101.6       18.3       14.8  
Income tax expense     (35.8 )     (32.9 )     (6.7 )     (5.4 )
Earnings before equity earnings     78.8       68.7       11.6       9.4  
Financial services – net earnings                
attributable to Snap-on Inc.     11.6       9.4       -       -  
Equity earnings, net of tax     0.3       0.4       -       -  
Net earnings     90.7       78.5       11.6       9.4  
Net earnings attributable to noncontrolling interests     (2.3 )     (2.1 )     -       -  
Net earnings attributable to Snap-on Inc.   $ 88.4     $ 76.4     $ 11.6     $ 9.4  
                 
* Snap-on Inc. with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to arrive at the consolidated financial statements.

 

                 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
                 
                 
    Operations*   Financial Services
    Six Months Ended   Six Months Ended
    June 29,   June 30,   June 29,   June 30,
    2013   2012   2013   2012
                 
Net sales   $ 1,505.8     $ 1,473.1     $ -     $ -  
Cost of goods sold     (775.7 )     (775.5 )     -       -  
Gross profit     730.1       697.6       -       -  
Operating expenses     (504.5 )     (495.5 )     -       -  
Operating earnings before financial services     225.6       202.1       -       -  
                 
Financial services revenue     -       -       88.5       77.9  
Financial services expenses     -       -       (27.4 )     (28.4 )
Operating earnings from financial services     -       -       61.1       49.5  
                 
Operating earnings     225.6       202.1       61.1       49.5  
Interest expense     (26.5 )     (27.2 )     (0.9 )     (0.6 )
Intersegment interest income (expense) – net     23.1       20.2       (23.1 )     (20.2 )
Other income (expense) – net     (2.4 )     (0.2 )     0.1       (0.1 )
Earnings before income taxes and equity earnings     219.8       194.9       37.2       28.6  
Income tax expense     (67.7 )     (63.0 )     (13.6 )     (10.5 )
Earnings before equity earnings     152.1       131.9       23.6       18.1  
Financial services – net earnings                
attributable to Snap-on Inc.     23.6       18.1       -       -  
Equity earnings, net of tax     0.1       1.5       -       -  
Net earnings     175.8       151.5       23.6       18.1  
Net earnings attributable to noncontrolling interests     (4.6 )     (4.1 )     -       -  
Net earnings attributable to Snap-on Inc.   $ 171.2     $ 147.4     $ 23.6     $ 18.1  
                 
* Snap-on Incorporated with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to arrive at the consolidated financial statements.

 

                 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Balance Sheets
(Amounts in millions)
(unaudited)
                 
                 
    Operations*   Financial Services
    June 29,   December 29,   June 29,   December 29,
    2013   2012   2013   2012
                 
Assets                
Cash and cash equivalents   $ 170.9   $ 211.2   $ 3.8   $ 3.3
Intersegment receivables     14.8     14.1     -     -
Trade and other accounts receivable – net     499.0     497.5     0.9     0.4
Finance receivables – net     -     -     355.4     323.1
Contract receivables – net     7.4     7.4     48.7     55.3
Inventories – net     418.1     404.2     -     -
Deferred income tax assets     64.0     68.8     13.0     13.0
Prepaid expenses and other assets     108.0     88.3     1.8     1.0
Total current assets     1,282.2     1,291.5     423.6     396.1
                 
Property and equipment – net     373.4     373.2     1.7     2.0
Investment in Financial Services     177.9     165.3     -     -
Deferred income tax assets     104.2     110.2     0.2     0.2
Long-term finance receivables – net     -     -     520.8     494.6
Long-term contract receivables – net     11.9     12.1     191.1     182.3
Goodwill     823.9     807.4     -     -
Other intangibles – net     192.2     187.2     -     -
Other assets     57.4     65.3     1.0     1.1
Total assets   $ 3,023.1   $ 3,012.2   $ 1,138.4   $ 1,076.3
                 
Liabilities and Equity                
Notes payable and current maturities of long-term debt   $ 22.3   $ 5.2   $ 92.6   $ -
Accounts payable     157.3     142.1     0.3     0.4
Intersegment payables     -     -     14.8     14.1
Accrued benefits     44.6     50.6     -     -
Accrued compensation     71.6     84.9     1.7     3.4
Franchisee deposits     54.8     54.7     -     -
Other accrued liabilities     221.7     207.8     36.5     46.9
Total current liabilities     572.3     545.3     145.9     64.8
                 
Long-term debt and intersegment long-term debt     64.0     143.2     797.4     827.2
Deferred income tax liabilities     137.7     125.7     0.8     1.4
Retiree health care benefits     46.0     48.4     -     -
Pension liabilities     239.7     260.7     -     -
Other long-term liabilities     67.5     69.9     16.4     17.6
Total liabilities     1,127.2     1,193.2     960.5     911.0
                 
Total shareholders' equity attributable to Snap-on Inc.     1,878.8     1,802.1     177.9     165.3
Noncontrolling interests     17.1     16.9     -     -
Total equity     1,895.9     1,819.0     177.9     165.3
Total liabilities and equity   $ 3,023.1   $ 3,012.2   $ 1,138.4   $ 1,076.3
                 
* Snap-on Inc. with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to arrive at the consolidated financial statements.

Source: Snap-on Incorporated

Contacts:

Snap-on Incorporated

Investors
Leslie Kratcoski
262/656-6121

Media
Richard Secor
262/656-5561

###

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