Snap-on 2012 Sales Up 2.9%
Feb 11, 2013
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Power tools maker Snap-on Inc. (Kenosha, WI), had fourth quarter 2012 sales of $753.2 million, up $16.6 million, or 2.3%, from 2011 levels. Operating earnings were $111.4 million, or 14.8% of sales, from $103.8 million, or 14.1% of sales, in 4Q 2011. Net earnings of $84.6 million for the quarter were up from $74.3 million in 4Q 2011.

Full-year 2012 sales were $2.94 billion, up 2.9% from 2011. Organic sales increased 4.6%. Full-year net earnings were $306.1 million, up from $265.2 million in 2011.

The company's Commercial & Industrial Group segment had 4Q 2012 sales of $275.6 million, down $19.8 million, or 6.7%, from 4Q 2011. Excluding currency translation, organic sales in the quarter were down 6.2%, primarily from lower sales to the military as well as lower sales in the company's European-based hand tools business.

Operating earnings were $31.9 million in the quarter, down $1.1 million, or 3.3%, from 4Q 2011. Operating margin (operating earnings as a percentage of segment sales) were 11.6%, up from 11.2% in 4Q 2011.

Snap-on Tools Group segment sales were $321.6 million in the quarter, up $28.8 million, or 9.8%, from 4Q 2011. After currency translation, organic sales were up 9.3%, reflecting increases in U.S. and international franchise operations.

Operating earnings were $45.6 million, up $6.0 million, or 15.2%, from 2011, and the operating margin of 14.2% improved from 13.5% in 4Q 2011.

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