Snap-on Announces Fourth Quarter and Full Year 2013 Results

Diluted EPS of $1.60 for the quarter;
Operating earnings before financial services improves to 15.5% of sales in the quarter;
Fourth quarter sales up 5.9%

KENOSHA, Wis. - (BUSINESS WIRE) - Feb. 6, 2014 - 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 2013 operating results for the fourth quarter and full year.

  • Sales of $797.5 million in the quarter increased $44.3 million, or 5.9%, from 2012 levels; excluding $15.2 million of sales from the May 2013 acquisition of Challenger Lifts, Inc. ("Challenger") and $5.3 million of unfavorable foreign currency translation, organic sales increased 4.6%.
  • Operating earnings before financial services of $123.6 million, or 15.5% of sales, in the quarter compares with $111.4 million, or 14.8% of sales, last year.
  • Financial services operating earnings of $33.0 million in the quarter increased $3.7 million, or 12.6%, from 2012 levels.
  • Consolidated operating earnings of $156.6 million, or 18.5% of revenues (net sales plus financial services revenue), in the quarter increased from $140.7 million, or 17.7% of revenues, last year.
  • Net earnings of $94.5 million, or $1.60 per diluted share, for the quarter compares with net earnings of $84.6 million, or $1.43 per diluted share, a year ago.
  • Full year 2013 sales of $3.1 billion increased 4.0% 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%. Full year 2013 net earnings of $350.3 million, or $5.93 per diluted share, compares with 2012 net earnings of $306.1 million, or $5.20 per diluted share.

"Our fourth quarter results, including a 5.9% sales increase and a 15.5% 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 chief executive officer. "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% 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."

Segment Results

Commercial & Industrial Group segment sales of $283.2 million in the quarter increased $7.6 million, or 2.8%, from 2012 levels. Excluding $2.8 million of unfavorable foreign currency translation, organic sales in the quarter increased $10.4 million, or 3.8%, primarily due to higher sales in the segment’s European-based hand tools business along with increased sales of power tools, partially offset by continued lower sales to the military.

Operating earnings of $37.1 million in the period increased $5.2 million from 2012 levels, and the operating margin (operating earnings as a percentage of segment sales) of 13.1% improved from 11.6% a year ago.

Snap-on Tools Group segment sales of $351.1 million in the quarter rose $29.5 million, or 9.2%, from 2012 levels, reflecting sales gains across both the company’s U.S. and international franchise operations. Excluding $2.9 million of unfavorable foreign currency translation, organic sales increased 10.2%.

Operating earnings of $51.0 million in the period increased $5.4 million from 2012 levels and the operating margin of 14.5% improved from 14.2% a year ago.

Repair Systems & Information Group segment sales of $264.6 million in the quarter increased $23.0 million, or 9.5%, from 2012 levels. Excluding $15.2 million of sales from the Challenger acquisition and $0.7 million of favorable foreign currency translation, organic sales in the quarter rose $7.1 million, or 2.9%. The year-over-year organic sales increase primarily reflects higher sales of diagnostic and repair information products to independent repair shop owners and managers, as well as gains in sales of undercar equipment, partially offset by lower sales to OEM dealerships.

Operating earnings of $60.8 million in the period increased $5.4 million from 2012 levels and the operating margin of 23.0% compared with 22.9% a year ago.

Financial Services operating earnings of $33.0 million on revenue of $47.4 million in the quarter compared with operating earnings of $29.3 million on revenue of $42.9 million a year ago.

Corporate expenses of $25.3 million in the quarter reflect higher performance-based compensation and other expenses, as compared with corporate expenses of $21.5 million last year.

Outlook

In 2014, 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 anticipates that capital expenditures in 2014 will be in a range of $70 million to $80 million. Snap-on expects that its full year 2014 effective income tax rate will be comparable to its 2013 rate.

Conference Call and Webcast February 6, 2014, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, February 6, 2014, 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 website.

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 $3.1 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)
                         
                         
                         
                         
          Fourth Quarter     Full Year
          2013   2012     2013   2012
                         
Net sales         $ 797.5     $ 753.2       $ 3,056.5     $ 2,937.9  
Cost of goods sold           (419.0 )     (401.2 )       (1,583.6 )     (1,547.9 )
Gross profit           378.5       352.0         1,472.9       1,390.0  
Operating expenses           (254.9 )     (240.6 )       (1,012.4 )     (980.3 )
Operating earnings before financial services           123.6       111.4         460.5       409.7  
                         
Financial services revenue           47.4       42.9         181.0       161.3  
Financial services expenses           (14.4 )     (13.6 )       (55.3 )     (54.6 )
Operating earnings from financial services           33.0       29.3         125.7       106.7  
                         
Operating earnings           156.6       140.7         586.2       516.4  
Interest expense           (14.3 )     (14.4 )       (56.1 )     (55.8 )
Other income (expense) – net           (0.8 )     0.1         (3.9 )     (0.4 )
Earnings before income taxes and equity earnings           141.5       126.4         526.2       460.2  
Income tax expense           (44.6 )     (39.8 )       (166.7 )     (148.2 )
Earnings before equity earnings           96.9       86.6         359.5       312.0  
Equity earnings, net of tax           -       0.1         0.2       2.6  
Net earnings           96.9       86.7         359.7       314.6  
Net earnings attributable to noncontrolling interests           (2.4 )     (2.1 )       (9.4 )     (8.5 )
Net earnings attributable to Snap-on Inc.         $ 94.5     $ 84.6       $ 350.3     $ 306.1  
                         
                         
Net earnings per share attributable to Snap-on Inc.:                        
Basic         $ 1.63     $ 1.45       $ 6.02     $ 5.26  
Diluted           1.60       1.43         5.93       5.20  
                         
Weighted-average shares outstanding:                        
Basic           58.1       58.2         58.2       58.2  
Effect of dilutive securities           1.0       0.8         0.9       0.7  
Diluted           59.1       59.0         59.1       58.9  

 

 
 
SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
                         
                         
                         
          Fourth Quarter     Full Year
          2013   2012     2013   2012
                         
Net sales:                        
Commercial & Industrial Group         $ 283.2     $   275.6       $   1,091.0     $   1,125.9  
Snap-on Tools Group           351.1         321.6           1,358.4         1,272.0  
Repair Systems & Information Group           264.6         241.6           1,009.6         917.1  
Segment net sales           898.9  

 

    838.8           3,459.0         3,315.0  
Intersegment eliminations           (101.4 )       (85.6 )         (402.5 )       (377.1 )
Total net sales         $ 797.5     $   753.2       $   3,056.5     $   2,937.9  
Financial Services revenue           47.4         42.9           181.0         161.3  
Total revenues         $ 844.9     $   796.1       $   3,237.5     $   3,099.2  
                         
Operating earnings:                        
Commercial & Industrial Group         $ 37.1     $   31.9       $   137.3     $   127.3  
Snap-on Tools Group           51.0         45.6           194.6         176.4  
Repair Systems & Information Group           60.8         55.4           231.9         205.7  
Financial Services           33.0         29.3           125.7         106.7  
Segment operating earnings           181.9  

 

    162.2           689.5         616.1  
Corporate           (25.3 )       (21.5 )         (103.3 )       (99.7 )
Operating earnings         $ 156.6     $   140.7       $   586.2     $   516.4  
Interest expense           (14.3 )       (14.4 )         (56.1 )       (55.8 )
Other income (expense) – net           (0.8 )       0.1           (3.9 )       (0.4 )
Earnings before income taxes                        
and equity earnings         $ 141.5     $   126.4       $   526.2     $   460.2  

 

 
 
SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
                 
                 
          Fiscal Year End
          2013     2012
                 
Assets                
Cash and cash equivalents         $ 217.6       $ 214.5  
Trade and other accounts receivable – net           531.6         497.9  
Finance receivables – net           374.6         323.1  
Contract receivables – net           68.4         62.7  
Inventories – net           434.4         404.2  
Deferred income tax assets           85.4         81.8  
Prepaid expenses and other assets           84.2         84.8  
Total current assets           1,796.2         1,669.0  
                 
Property and equipment – net           392.5         375.2  
Deferred income tax assets           57.1         110.4  
Long-term finance receivables – net           560.6         494.6  
Long-term contract receivables – net           217.1         194.4  
Goodwill           838.8         807.4  
Other intangibles – net           190.5         187.2  
Other assets           57.2         64.1  
Total assets         $ 4,110.0       $ 3,902.3  
                 
Liabilities and Equity                
Notes payable and current maturities of long-term debt         $ 113.1       $ 5.2  
Accounts payable           155.6         142.5  
Accrued benefits           48.1         50.6  
Accrued compensation           95.5         88.3  
Franchisee deposits           59.4         54.7  
Other accrued liabilities           243.7         247.9  
Total current liabilities           715.4         589.2  
                 
Long-term debt           858.9         970.4  
Deferred income tax liabilities           143.8         127.1  
Retiree health care benefits           41.7         48.4  
Pension liabilities           135.8         260.7  
Other long-term liabilities           84.0         87.5  
Total liabilities           1,979.6         2,083.3  
                 
Equity                
Shareholders' equity attributable to Snap-on Inc.                
Common stock           67.4         67.4  
Additional paid-in capital           225.1         204.6  
Retained earnings           2,324.1         2,067.0  
Accumulated other comprehensive loss           (44.8 )       (124.2 )
Treasury stock at cost           (458.6 )       (412.7 )
Total shareholders' equity attributable to Snap-on Inc.           2,113.2         1,802.1  
Noncontrolling interests           17.2         16.9  
Total equity           2,130.4         1,819.0  
Total liabilities and equity         $ 4,110.0       $ 3,902.3  

 

 
 
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
             
      Fourth Quarter
      2013     2012
             
Operating activities:            
Net earnings     $ 96.9       $ 86.7  
Adjustments to reconcile net earnings to net cash provided (used) by            
operating activities:            
Depreciation       12.9         12.6  
Amortization of other intangibles       6.1         6.9  
Provision for losses on finance receivables       5.4         4.9  
Provision for losses on non-finance receivables       2.5         5.0  
Stock-based compensation expense       9.6         7.1  
Excess tax benefits from stock-based compensation       (3.3 )       (3.2 )
Deferred income tax provision       6.7         25.7  
Changes in operating assets and liabilities:            
Increase in trade and other accounts receivable       (14.2 )       (24.5 )
Increase in contract receivables       (2.3 )       (3.2 )
Decrease in inventories       3.5         14.0  
Decrease in prepaid and other assets       15.2         7.2  
Decrease in accounts payable       (8.3 )       (7.2 )
Decrease in accruals and other liabilities       (8.2 )       (29.1 )
Net cash provided by operating activities       122.5         102.9  
             
Investing activities:            
Additions to finance receivables       (168.9 )       (143.5 )
Collections of finance receivables       135.1         116.6  
Capital expenditures       (19.9 )       (19.9 )
Disposal of property and equipment       7.7         0.2  
Proceeds from sale of equity investment       -         27.0  
Other       1.5         0.1  
Net cash used by investing activities       (44.5 )       (19.5 )
             
Financing activities:            
Proceeds from short-term borrowings       1.7         4.8  
Repayments of short-term borrowings       (1.9 )       (16.2 )
Net decrease in other short-term borrowings       (4.0 )       (2.3 )
Cash dividends paid       (25.4 )       (22.1 )
Purchase of treasury stock       (15.1 )       (16.3 )
Proceeds from stock purchase and option plans       1.3         6.5  
Excess tax benefits from stock-based compensation       3.3         3.2  
Other       (2.6 )       (2.5 )
Net cash used by financing activities       (42.7 )       (44.9 )
             
Effect of exchange rate changes on cash and cash equivalents       (0.2 )       (0.1 )
Increase in cash and cash equivalents       35.1         38.4  
             
Cash and cash equivalents at beginning of period       182.5         176.1  
Cash and cash equivalents at end of year     $ 217.6       $ 214.5  
             
Supplemental cash flow disclosures:            
Cash paid for interest     $ (1.6 )     $ (1.8 )
Net cash paid for income taxes       (45.6 )       (33.7 )

 

 
 
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
             
      Full Year
      2013     2012
             
Operating activities:            
Net earnings     $ 359.7       $ 314.6  
Adjustments to reconcile net earnings to net cash provided (used) by            
operating activities:            
Depreciation       51.2         50.2  
Amortization of other intangibles       25.5         26.5  
Provision for losses on finance receivables       20.4         18.7  
Provision for losses on non-finance receivables       10.4         12.6  
Stock-based compensation expense       38.5         32.1  
Excess tax benefits from stock-based compensation       (9.8 )       (8.2 )
Deferred income tax provision       9.5         29.3  
Gain on sale of assets       -         (0.9 )
Changes in operating assets and liabilities, net of effects of acquisition:            
Increase in trade and other accounts receivable       (42.0 )       (43.4 )
Increase in contract receivables       (33.7 )       (41.1 )
Increase in inventories       (32.0 )       (13.4 )
Increase in prepaid and other assets       (10.3 )       (24.8 )
Increase in accounts payable       8.4         16.6  
Decrease in accruals and other liabilities       (3.2 )       (39.5 )
Net cash provided by operating activities       392.6         329.3  
             
Investing activities:            
Additions to finance receivables       (651.3 )       (569.6 )
Collections of finance receivables       508.8         445.5  
Capital expenditures       (70.6 )       (79.4 )
Acquisition of business       (38.2 )       -  
Disposal of property and equipment       8.4         2.6  
Proceeds from sale of equity investment       -         27.0  
Other       (7.5 )       0.8  
Net cash used by investing activities       (250.4 )       (173.1 )
             
Financing activities:            
Proceeds from short-term borrowings       3.3         16.0  
Repayments of short-term borrowings       (2.4 )       (30.3 )

Net increase in other short-term borrowings

      8.1         3.1  
Cash dividends paid       (92.0 )       (81.5 )
Purchase of treasury stock       (82.6 )       (78.1 )
Proceeds from stock purchase and option plans       29.2         46.8  
Excess tax benefits from stock-based compensation       9.8         8.2  
Other       (11.2 )       (11.2 )
Net cash used by financing activities       (137.8 )       (127.0 )
             
Effect of exchange rate changes on cash and cash equivalents       (1.3 )       (0.3 )
Increase in cash and cash equivalents       3.1         28.9  
             
Cash and cash equivalents at beginning of year       214.5         185.6  
Cash and cash equivalents at end of year     $ 217.6       $ 214.5  
             
Supplemental cash flow disclosures:            
Cash paid for interest     $ (55.5 )     $ (55.6 )
Net cash paid for income taxes       (162.9 )       (93.6 )

 

 
 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
                     
                     
      Operations*     Financial Services
      Fourth Quarter     Fourth Quarter
      2013   2012     2013   2012
                     
Net sales     $ 797.5     $ 753.2       $ -     $ -  
Cost of goods sold       (419.0 )     (401.2 )       -       -  
Gross profit       378.5       352.0         -       -  
Operating expenses       (254.9 )     (240.6 )       -       -  
Operating earnings before financial services       123.6       111.4         -       -  
                     
Financial services revenue       -       -         47.4       42.9  
Financial services expenses       -       -         (14.4 )     (13.6 )
Operating earnings from financial services       -       -         33.0       29.3  
                     
Operating earnings       123.6       111.4         33.0       29.3  
Interest expense       (14.1 )     (13.5 )       (0.2 )     (0.9 )
Intersegment interest income (expense) – net       12.5       11.1         (12.5 )     (11.1 )
Other income (expense) – net       (0.8 )     -         -       0.1  
Earnings before income taxes and equity earnings       121.2       109.0         20.3       17.4  
Income tax expense       (37.2 )     (33.5 )       (7.4 )     (6.3 )
Earnings before equity earnings       84.0       75.5         12.9       11.1  
Financial services – net earnings                    
attributable to Snap-on Inc.       12.9       11.1         -       -  
Equity earnings, net of tax       -       0.1         -       -  
Net earnings       96.9       86.7         12.9       11.1  
Net earnings attributable to noncontrolling interests       (2.4 )     (2.1 )       -       -  
Net earnings attributable to Snap-on Inc.     $ 94.5     $ 84.6       $ 12.9     $ 11.1  
                     

* 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
      Full Year     Full Year
      2013   2012     2013   2012
                     
Net sales     $ 3,056.5     $ 2,937.9       $ -     $ -  
Cost of goods sold       (1,583.6 )     (1,547.9 )       -       -  
Gross profit       1,472.9       1,390.0         -       -  
Operating expenses       (1,012.4 )     (980.3 )       -       -  
Operating earnings before financial services       460.5       409.7         -       -  
                     
Financial services revenue       -       -         181.0       161.3  
Financial services expenses       -       -         (55.3 )     (54.6 )
Operating earnings from financial services       -       -         125.7       106.7  
                     
Operating earnings       460.5       409.7         125.7       106.7  
Interest expense       (54.6 )     (54.0 )       (1.5 )     (1.8 )
Intersegment interest income (expense) – net       47.7       42.4         (47.7 )     (42.4 )
Other income (expense) – net       (4.0 )     (0.4 )       0.1       -  
Earnings before income taxes and equity earnings       449.6       397.7         76.6       62.5  
Income tax expense       (138.6 )     (125.3 )       (28.1 )     (22.9 )
Earnings before equity earnings       311.0       272.4         48.5       39.6  
Financial services – net earnings                    
attributable to Snap-on Inc.       48.5       39.6         -       -  
Equity earnings, net of tax       0.2       2.6         -       -  
Net earnings       359.7       314.6         48.5       39.6  
Net earnings attributable to noncontrolling interests       (9.4 )     (8.5 )       -       -  
Net earnings attributable to Snap-on Inc.     $ 350.3     $ 306.1       $ 48.5     $ 39.6  
                     

* 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 Balance Sheets
(Amounts in millions)
(unaudited)
                     
                     
      Operations*     Financial Services
      Fiscal Year End     Fiscal Year End
      2013   2012     2013   2012
                     
Assets                    
Cash and cash equivalents     $ 214.4   $ 211.2     $ 3.2   $ 3.3
Intersegment receivables       15.3     14.1       -     -
Trade and other accounts receivable – net       531.1     497.5       0.5     0.4
Finance receivables – net       -     -       374.6     323.1
Contract receivables – net       7.0     7.4       61.4     55.3
Inventories – net       434.4     404.2       -     -
Deferred income tax assets       71.1     68.8       14.3     13.0
Prepaid expenses and other assets       88.1     88.3       1.3     1.0
Total current assets       1,361.4     1,291.5       455.3     396.1
                     
Property and equipment – net       390.9     373.2       1.6     2.0
Investment in Financial Services       193.7     165.3       -     -
Deferred income tax assets       56.8     110.2       0.3     0.2
Intersegment long-term note receivable       9.6     -       -     -
Long-term finance receivables – net       -     -       560.6     494.6
Long-term contract receivables – net       12.0     12.1       205.1     182.3
Goodwill       838.8     807.4       -     -
Other intangibles – net       190.5     187.2       -     -
Other assets       58.9     65.3       1.1     1.1
Total assets     $ 3,112.6   $ 3,012.2     $ 1,224.0   $ 1,076.3
                     
Liabilities and Equity                    
Notes payable and current maturities of long-term debt     $ 13.1   $ 5.2     $ 100.0   $ -
Accounts payable       150.7     142.1       4.9     0.4
Intersegment payables       -     -       15.3     14.1
Accrued benefits       48.1     50.6       -     -
Accrued compensation       91.9     84.9       3.6     3.4
Franchisee deposits       59.4     54.7       -     -
Other accrued liabilities       229.5     207.8       22.2     46.9
Total current liabilities       592.7     545.3       146.0     64.8
                     
Long-term debt and intersegment long-term debt       -     143.2       868.5     827.2
Deferred income tax liabilities       142.7     125.7       1.1     1.4
Retiree health care benefits       41.7     48.4       -     -
Pension liabilities       135.8     260.7       -     -
Other long-term liabilities       69.3     69.9       14.7     17.6
Total liabilities       982.2     1,193.2       1,030.3     911.0
                     
Total shareholders' equity attributable to Snap-on Inc.       2,113.2     1,802.1       193.7     165.3
Noncontrolling interests       17.2     16.9       -     -
Total equity       2,130.4     1,819.0       193.7     165.3
Total liabilities and equity     $ 3,112.6   $ 3,012.2     $ 1,224.0   $ 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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