Snap-on Announces Fourth Quarter and Full Year 2024 Results
Snap-on (NYSE: SNA) reported Q4 2024 results with net sales of $1,198.7 million, a slight increase of 0.2% from 2023. The quarter's diluted EPS reached $4.82, up from $4.75 in Q4 2023, while operating margin before financial services improved 50 basis points to 22.1%.
For full-year 2024, net sales decreased 0.5% to $4,707.4 million, reflecting a 0.9% organic decline. Full-year net earnings were $1,043.9 million, or $19.51 per diluted share, compared to $1,011.1 million ($18.76 per diluted share) in 2023. The 2024 results included a $17.5 million after-tax benefit from legal matter payments.
By segment, Commercial & Industrial Group saw a 3.9% organic sales increase, while Snap-on Tools Group experienced a 1.4% organic decline. The Repair Systems & Information Group reported a 1.6% organic sales gain.
Snap-on (NYSE: SNA) ha riportato i risultati del Q4 2024 con vendite nette di $1.198,7 milioni, un leggero incremento dello 0,2% rispetto al 2023. L'utile per azione diluito del trimestre ha raggiunto i $4,82, in aumento rispetto ai $4,75 del Q4 2023, mentre il margine operativo prima dei servizi finanziari è migliorato di 50 punti base, arrivando al 22,1%.
Per l'intero anno 2024, le vendite nette sono diminuite dello 0,5%, portandosi a $4.707,4 milioni, riflettendo un calo organico dello 0,9%. Gli utili netti dell'anno intero sono stati di $1.043,9 milioni, o $19,51 per azione diluita, rispetto a $1.011,1 milioni ($18,76 per azione diluita) nel 2023. I risultati del 2024 hanno incluso un beneficio post-imposta di $17,5 milioni derivante da pagamenti per questioni legali.
Per segmento, il Gruppo Commerciale e Industriale ha registrato un aumento delle vendite organiche del 3,9%, mentre il Gruppo Snap-on Tools ha subito un declino organico dell'1,4%. Il Gruppo Sistemi di Riparazione e Informazioni ha riportato un guadagno di vendite organiche del 1,6%.
Snap-on (NYSE: SNA) reportó los resultados del Q4 2024 con ventas netas de $1.198,7 millones, un ligero aumento del 0,2% en comparación con 2023. Las ganancias por acción diluidas del trimestre alcanzaron $4,82, en comparación con $4,75 en el Q4 2023, mientras que el margen operativo antes de servicios financieros mejoró 50 puntos básicos a 22,1%.
Para el año completo 2024, las ventas netas disminuyeron un 0,5%, alcanzando $4.707,4 millones, reflejando una caída orgánica del 0,9%. Las ganancias netas del año completo fueron de $1.043,9 millones, o $19,51 por acción diluida, en comparación con $1.011,1 millones ($18,76 por acción diluida) en 2023. Los resultados de 2024 incluyeron un beneficio después de impuestos de $17,5 millones por pagos relacionados con asuntos legales.
Por segmento, el Grupo Comercial e Industrial vio un aumento de ventas orgánicas del 3,9%, mientras que el Grupo de Herramientas Snap-on experimentó una disminución orgánica del 1,4%. El Grupo de Sistemas de Reparación e Información reportó un aumento de ventas orgánicas del 1,6%.
Snap-on (NYSE: SNA)은 Q4 2024 결과를 발표하며 순매출이 11억 9,870만 달러로 2023년 대비 0.2% 소폭 증가했다고 밝혔습니다. 분기마다 희석된 주당 순이익은 4.82달러로, Q4 2023의 4.75달러에서 상승했으며, 금융 서비스 전 운영 마진은 50bp 상승하여 22.1%로 개선되었습니다.
2024년 전체 연도에 대해 순매출은 0.5% 감소하여 47억 7,040만 달러에 달했으며, 이는 0.9%의 유기적 감소를 반영합니다. 전체 연도 순이익은 10억 4,390만 달러, 즉 희석된 주당 19.51달러로, 2023년의 10억 1,110만 달러(희석된 주당 18.76달러)와 비교됩니다. 2024년 결과에는 법적 문제 지급에서 발생한 세후 1,750만 달러의 이익이 포함되어 있습니다.
세그먼트별로 보면, 상업 및 산업 그룹은 3.9%의 유기적 매출 증가를 경험했으며, Snap-on 도구 그룹은 1.4%의 유기적 감소를 겪었습니다. 수리 시스템 및 정보 그룹은 1.6%의 유기적 매출 증가를 보고했습니다.
Snap-on (NYSE: SNA) a annoncé les résultats du Q4 2024 avec des ventes nettes de 1.198,7 millions de dollars, soit une légère augmentation de 0,2 % par rapport à 2023. Le BPA dilué du trimestre a atteint 4,82 dollars, en hausse par rapport à 4,75 dollars au Q4 2023, tandis que la marge opérationnelle avant services financiers s'est améliorée de 50 points de base pour atteindre 22,1 %.
Pour l'année 2024, les ventes nettes ont diminué de 0,5 % à 4.707,4 millions de dollars, reflétant un déclin organique de 0,9 %. Les bénéfices nets pour l'année se sont élevés à 1.043,9 millions de dollars, soit 19,51 dollars par action diluée, contre 1.011,1 millions de dollars (18,76 dollars par action diluée) en 2023. Les résultats de 2024 incluaient un bénéfice après impôt de 17,5 millions de dollars provenant de paiements liés à des affaires juridiques.
Par segment, le Groupe Commercial et Industriel a enregistré une augmentation des ventes organiques de 3,9 %, tandis que le Groupe Snap-on Tools a connu un déclin organique de 1,4 %. Le Groupe Systèmes de Réparation et d'Information a rapporté un gain de ventes organiques de 1,6 %.
Snap-on (NYSE: SNA) berichtete über die Ergebnisse des Q4 2024 mit Nettoumsätzen von 1.198,7 Millionen Dollar, was einem leichten Anstieg von 0,2% gegenüber 2023 entspricht. Der verwässerte Gewinn pro Aktie des Quartals erreichte 4,82 Dollar, ein Anstieg von 4,75 Dollar im Q4 2023, während die Betriebsmarge vor Finanzdienstleistungen um 50 Basispunkte auf 22,1% stieg.
Für das gesamte Jahr 2024 sanken die Nettoumsätze um 0,5% auf 4.707,4 Millionen Dollar, was einem organischen Rückgang von 0,9% entspricht. Der Nettogewinn des Gesamtjahres betrug 1.043,9 Millionen Dollar oder 19,51 Dollar pro verwässerter Aktie, im Vergleich zu 1.011,1 Millionen Dollar (18,76 Dollar pro verwässerter Aktie) im Jahr 2023. Die Ergebnisse von 2024 enthielten einen Nachsteuergewinn von 17,5 Millionen Dollar aus Zahlungen im Zusammenhang mit rechtlichen Angelegenheiten.
Nach Segmenten sah die Commercial & Industrial Group einen Anstieg der organischen Verkäufe um 3,9%, während die Snap-on Tools Group einen organischen Rückgang von 1,4% erlebte. Die Repair Systems & Information Group berichtete von einem Anstieg der organischen Verkäufe um 1,6%.
- Q4 EPS increased to $4.82 from $4.75 year-over-year
- Operating margin improved 50 basis points to 22.1%
- Full-year net earnings increased by $32.8 million to $1,043.9 million
- Commercial & Industrial Group achieved 3.9% organic sales growth
- Repair Systems & Information Group saw 1.6% organic sales growth
- Full-year organic sales declined 0.9%
- Snap-on Tools Group reported 1.4% organic sales decrease
- Financial services operating earnings decreased to $66.7M from $67.9M
- Q4 loan originations decreased 5.9% year-over-year
Insights
Snap-on's Q4 2024 results reveal a company effectively navigating market challenges while maintaining profitability. The 50 basis point improvement in operating margin to 22.1% is particularly noteworthy, demonstrating strong pricing power and operational efficiency in a challenging cost environment.
The segmental performance tells an interesting story: The Commercial & Industrial Group's 3.9% organic growth and 180 basis point margin improvement to
While the Tools Group saw a
The Repair Systems & Information Group's performance, with
Full-year results, with EPS growing to
Diluted EPS of
Operating margin before financial services in Q4 2024 improves 50 basis points to
Sales of
-
Net sales of
$1,198.7 million $2.1 million 0.2% , from 2023 levels, reflecting a$2.0 million 0.2% , organic gain and$2.1 million $2.0 million
-
Operating earnings before financial services for the quarter of
$265.2 million $257.9 million 22.1% in the fourth quarter compared to21.6% last year.
-
Financial services revenue in the quarter of
$100.5 million $97.2 million $66.7 million $67.9 million
-
Consolidated operating earnings for the quarter of
$331.9 million 25.5% of revenues (net sales plus financial services revenue), compared to$325.8 million 25.2% of revenues, in 2023.
-
The fourth quarter effective income tax rate was
22.5% in 2024 and21.4% last year.
-
Net earnings in the quarter of
$258.1 million $4.82 $255.3 million $4.75
-
Full year net sales of
$4,707.4 million $22.8 million 0.5% , from 2023 levels, reflecting a$40.6 million 0.9% , organic decline and$5.5 million $23.3 million $1,043.9 million $19.51 $1,011.1 million $18.76 $32.8 million $0.75 $17.5 million $0.32
See “Non-GAAP Measures” below for a definition of, and further explanation about, organic sales.
“We are encouraged by our fourth quarter results as our businesses were again strong, achieving a positive balance and overall progress, with our operations serving critical industries and repair shop owners and managers advancing in both sales and profitability, and with the Snap-on Tools Group continuing to narrow the gap versus prior periods despite the environment of general uncertainty,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “In addition to reconfirming the special resilience of our markets and our enterprise, rooted in essential repair, the quarter demonstrates the considerable capabilities of our team, as is evident in the Tools Group success, pivoting our advantages in product, brand, and people to better match the current preferences of technicians for quick payback items. As we proceed into 2025, we’ll enhance the franchise network by further refocusing our product development, manufacturing, and marketing, meeting the demands of the day, extend to critical industries by sharpening our ability to take full advantage of the growing need for customized solutions, and expand our already prominent position with shop owners and managers by serving the rising complexity of vehicle repair. At the same time, we’ll engage our Snap-on Value Creation Processes, driving improvements across the corporation that when combined with our runways for growth, we believe will author substantial and strategic gain. Finally, I want to thank our franchisees and our associates worldwide for their many contributions, for their steadfast dedication, and for their deep confidence in our prospects as we move forward through this 105th year of our company and significantly beyond.”
Segment Results - Fourth Quarter
Commercial & Industrial Group segment sales of
Operating earnings of
Snap-on Tools Group segment sales of
Operating earnings of
Repair Systems & Information Group segment sales of
Operating earnings of
Financial Services operating earnings of
Corporate expenses in the fourth quarter of
Outlook
We believe that our markets and our operations possess and have demonstrated continuing and considerable resilience against the uncertainties of the current environment. In 2025, Snap-on expects to make ongoing progress along its decisive runways for coherent growth, leveraging capabilities already proven in the automotive repair arena, developing and expanding its professional customer base, not only in automotive repair, but in adjacent markets, additional geographies and other areas, including extending in critical industries, where the cost and penalties for failure can be high. In pursuit of these initiatives, we project that capital expenditures in 2025 will approximate
Snap-on currently anticipates that its full-year 2025 effective income tax rate will be in the range of
Conference Call and Webcast on February 6, 2025, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday, February 6, 2025, 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, visit https://www.snapon.com/EN/Investors/Investor-Events and click on the link to the call. The slide presentation accompanying the call can be accessed under the Downloads tab in the webcast viewer, as well as on the Snap-on website at https://www.snapon.com/EN/Investors/Financial-Information/Quarterly-Earnings.
Non-GAAP Measures
References in this release to “organic sales” refer to sales from continuing operations calculated in accordance with generally accepted accounting principles in
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 including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing. From its founding in 1920, Snap-on has been recognized as the mark of the serious and the outward sign of the pride and dignity working men and women take in their professions. Products and services are sold through the company’s network of widely recognized franchisee vans, as well as through direct and distributor channels, under a variety of notable brands. The company also provides financing programs to facilitate the sales of its products and to support its franchise business. Snap-on, an S&P 500 company, generated sales of
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 30, 2023, 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.
SNAP-ON INCORPORATED Condensed Consolidated Statements of Earnings (Amounts in millions, except per share data) (unaudited) |
|||||||||||||||
|
Fourth Quarter |
|
Full Year |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
1,198.7 |
|
|
$ |
1,196.6 |
|
|
$ |
4,707.4 |
|
|
$ |
4,730.2 |
|
Cost of goods sold |
|
(602.6 |
) |
|
|
(619.0 |
) |
|
|
(2,329.5 |
) |
|
|
(2,381.1 |
) |
Gross profit |
|
596.1 |
|
|
|
577.6 |
|
|
|
2,377.9 |
|
|
|
2,349.1 |
|
Operating expenses |
|
(330.9 |
) |
|
|
(319.7 |
) |
|
|
(1,309.1 |
) |
|
|
(1,309.2 |
) |
Operating earnings before financial services |
|
265.2 |
|
|
|
257.9 |
|
|
|
1,068.8 |
|
|
|
1,039.9 |
|
|
|
|
|
|
|
|
|
||||||||
Financial services revenue |
|
100.5 |
|
|
|
97.2 |
|
|
|
401.0 |
|
|
|
378.1 |
|
Financial services expenses |
|
(33.8 |
) |
|
|
(29.3 |
) |
|
|
(124.1 |
) |
|
|
(107.6 |
) |
Operating earnings from financial services |
|
66.7 |
|
|
|
67.9 |
|
|
|
276.9 |
|
|
|
270.5 |
|
|
|
|
|
|
|
|
|
||||||||
Operating earnings |
|
331.9 |
|
|
|
325.8 |
|
|
|
1,345.7 |
|
|
|
1,310.4 |
|
Interest expense |
|
(12.3 |
) |
|
|
(12.5 |
) |
|
|
(49.6 |
) |
|
|
(49.9 |
) |
Other income (expense) – net |
|
19.6 |
|
|
|
17.5 |
|
|
|
77.0 |
|
|
|
67.5 |
|
Earnings before income taxes |
|
339.2 |
|
|
|
330.8 |
|
|
|
1,373.1 |
|
|
|
1,328.0 |
|
Income tax expense |
|
(75.0 |
) |
|
|
(69.5 |
) |
|
|
(304.2 |
) |
|
|
(293.4 |
) |
Net earnings |
|
264.2 |
|
|
|
261.3 |
|
|
|
1,068.9 |
|
|
|
1,034.6 |
|
Net earnings attributable to noncontrolling interests |
|
(6.1 |
) |
|
|
(6.0 |
) |
|
|
(25.0 |
) |
|
|
(23.5 |
) |
Net earnings attributable to Snap-on Inc. |
$ |
258.1 |
|
|
$ |
255.3 |
|
|
$ |
1,043.9 |
|
|
$ |
1,011.1 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net earnings per share attributable to Snap-on Inc.: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
4.92 |
|
|
$ |
4.84 |
|
|
$ |
19.85 |
|
|
$ |
19.11 |
|
Diluted |
|
4.82 |
|
|
|
4.75 |
|
|
|
19.51 |
|
|
|
18.76 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
52.5 |
|
|
|
52.7 |
|
|
|
52.6 |
|
|
|
52.9 |
|
Effect of dilutive securities |
|
1.0 |
|
|
|
1.1 |
|
|
|
0.9 |
|
|
|
1.0 |
|
Diluted |
|
53.5 |
|
|
|
53.8 |
|
|
|
53.5 |
|
|
|
53.9 |
|
SNAP-ON INCORPORATED Supplemental Segment Information (Amounts in millions) (unaudited) |
|||||||||||||||
|
Fourth Quarter |
|
Full Year |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net sales: |
|
|
|
|
|
|
|
||||||||
Commercial & Industrial Group |
$ |
379.2 |
|
|
$ |
363.9 |
|
|
$ |
1,476.8 |
|
|
$ |
1,458.3 |
|
Snap-on Tools Group |
|
506.6 |
|
|
|
513.3 |
|
|
|
1,989.2 |
|
|
|
2,088.8 |
|
Repair Systems & Information Group |
|
456.6 |
|
|
|
450.8 |
|
|
|
1,797.9 |
|
|
|
1,781.2 |
|
Segment net sales |
|
1,342.4 |
|
|
|
1,328.0 |
|
|
|
5,263.9 |
|
|
|
5,328.3 |
|
Intersegment eliminations |
|
(143.7 |
) |
|
|
(131.4 |
) |
|
|
(556.5 |
) |
|
|
(598.1 |
) |
Total net sales |
|
1,198.7 |
|
|
|
1,196.6 |
|
|
|
4,707.4 |
|
|
|
4,730.2 |
|
Financial Services revenue |
|
100.5 |
|
|
|
97.2 |
|
|
|
401.0 |
|
|
|
378.1 |
|
Total revenues |
$ |
1,299.2 |
|
|
$ |
1,293.8 |
|
|
$ |
5,108.4 |
|
|
$ |
5,108.3 |
|
|
|
|
|
|
|
|
|
||||||||
Operating earnings: |
|
|
|
|
|
|
|
||||||||
Commercial & Industrial Group |
$ |
63.5 |
|
|
$ |
54.1 |
|
|
$ |
242.1 |
|
|
$ |
226.1 |
|
Snap-on Tools Group |
|
106.9 |
|
|
|
111.0 |
|
|
|
447.3 |
|
|
|
493.8 |
|
Repair Systems & Information Group |
|
121.4 |
|
|
|
113.3 |
|
|
|
455.2 |
|
|
|
433.2 |
|
Financial Services |
|
66.7 |
|
|
|
67.9 |
|
|
|
276.9 |
|
|
|
270.5 |
|
Segment operating earnings |
|
358.5 |
|
|
|
346.3 |
|
|
|
1,421.5 |
|
|
|
1,423.6 |
|
Corporate |
|
(26.6 |
) |
|
|
(20.5 |
) |
|
|
(75.8 |
) |
|
|
(113.2 |
) |
Operating earnings |
|
331.9 |
|
|
|
325.8 |
|
|
|
1,345.7 |
|
|
|
1,310.4 |
|
Interest expense |
|
(12.3 |
) |
|
|
(12.5 |
) |
|
|
(49.6 |
) |
|
|
(49.9 |
) |
Other income (expense) – net |
|
19.6 |
|
|
|
17.5 |
|
|
|
77.0 |
|
|
|
67.5 |
|
Earnings before income taxes |
$ |
339.2 |
|
|
$ |
330.8 |
|
|
$ |
1,373.1 |
|
|
$ |
1,328.0 |
|
SNAP-ON INCORPORATED Condensed Consolidated Balance Sheets (Amounts in millions) (unaudited) |
|||||||
|
Fiscal Year End |
||||||
|
2024 |
|
2023 |
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
1,360.5 |
|
|
$ |
1,001.5 |
|
Trade and other accounts receivable – net |
|
815.6 |
|
|
|
791.3 |
|
Finance receivables – net |
|
610.3 |
|
|
|
594.1 |
|
Contract receivables – net |
|
120.0 |
|
|
|
120.8 |
|
Inventories – net |
|
943.4 |
|
|
|
1,005.9 |
|
Prepaid expenses and other current assets |
|
139.6 |
|
|
|
138.4 |
|
Total current assets |
|
3,989.4 |
|
|
|
3,652.0 |
|
|
|
|
|
||||
Property and equipment – net |
|
542.6 |
|
|
|
539.3 |
|
Operating lease right-of-use assets |
|
89.4 |
|
|
|
74.7 |
|
Deferred income tax assets |
|
78.0 |
|
|
|
76.0 |
|
Long-term finance receivables – net |
|
1,312.0 |
|
|
|
1,284.2 |
|
Long-term contract receivables – net |
|
418.3 |
|
|
|
407.9 |
|
Goodwill |
|
1,056.8 |
|
|
|
1,097.4 |
|
Other intangible assets – net |
|
267.6 |
|
|
|
268.9 |
|
Pension assets |
|
125.4 |
|
|
|
130.5 |
|
Other long-term assets |
|
17.3 |
|
|
|
14.0 |
|
Total assets |
$ |
7,896.8 |
|
|
$ |
7,544.9 |
|
|
|
|
|
||||
Liabilities and Equity |
|
|
|
||||
Notes payable |
$ |
13.7 |
|
|
$ |
15.6 |
|
Accounts payable |
|
265.9 |
|
|
|
238.0 |
|
Accrued benefits |
|
67.2 |
|
|
|
64.4 |
|
Accrued compensation |
|
86.1 |
|
|
|
102.9 |
|
Franchisee deposits |
|
70.9 |
|
|
|
73.3 |
|
Other accrued liabilities |
|
457.7 |
|
|
|
447.4 |
|
Total current liabilities |
|
961.5 |
|
|
|
941.6 |
|
|
|
|
|
||||
Long-term debt |
|
1,185.5 |
|
|
|
1,184.6 |
|
Deferred income tax liabilities |
|
73.5 |
|
|
|
79.2 |
|
Retiree health care benefits |
|
19.4 |
|
|
|
21.8 |
|
Pension liabilities |
|
78.4 |
|
|
|
82.3 |
|
Operating lease liabilities |
|
68.6 |
|
|
|
54.6 |
|
Other long-term liabilities |
|
92.9 |
|
|
|
87.4 |
|
Total liabilities |
|
2,479.8 |
|
|
|
2,451.5 |
|
|
|
|
|
||||
Equity |
|
|
|
||||
Shareholders' equity attributable to Snap-on Inc. |
|
|
|
||||
Common stock |
|
67.5 |
|
|
|
67.5 |
|
Additional paid-in capital |
|
557.7 |
|
|
|
545.5 |
|
Retained earnings |
|
7,584.3 |
|
|
|
6,948.5 |
|
Accumulated other comprehensive loss |
|
(575.0 |
) |
|
|
(449.5 |
) |
Treasury stock at cost |
|
(2,240.4 |
) |
|
|
(2,040.7 |
) |
Total shareholders' equity attributable to Snap-on Inc. |
|
5,394.1 |
|
|
|
5,071.3 |
|
Noncontrolling interests |
|
22.9 |
|
|
|
22.1 |
|
Total equity |
|
5,417.0 |
|
|
|
5,093.4 |
|
Total liabilities and equity |
$ |
7,896.8 |
|
|
$ |
7,544.9 |
|
|
|
|
|
||||
SNAP-ON INCORPORATED Condensed Consolidated Statements of Cash Flows (Amounts in millions) (unaudited) |
|||||||
|
Fourth Quarter |
||||||
|
2024 |
|
2023 |
||||
Operating activities: |
|
|
|
||||
Net earnings |
$ |
264.2 |
|
|
$ |
261.3 |
|
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: |
|
|
|
||||
Depreciation |
|
18.0 |
|
|
|
18.6 |
|
Amortization of other intangible assets |
|
6.3 |
|
|
|
6.4 |
|
Provision for losses on finance receivables |
|
20.5 |
|
|
|
16.5 |
|
Provision for losses on non-finance receivables |
|
5.0 |
|
|
|
4.2 |
|
Stock-based compensation expense |
|
7.1 |
|
|
|
13.3 |
|
Deferred income tax benefit |
|
(1.0 |
) |
|
|
(2.2 |
) |
Gain on sales of assets |
|
(0.1 |
) |
|
|
(0.4 |
) |
Changes in operating assets and liabilities, net of effects of acquisitions: |
|
|
|
||||
Trade and other accounts receivable |
|
(44.8 |
) |
|
|
(6.9 |
) |
Contract receivables |
|
(2.0 |
) |
|
|
(6.1 |
) |
Inventories |
|
19.2 |
|
|
|
44.3 |
|
Prepaid expenses and other current assets |
|
(0.1 |
) |
|
|
4.8 |
|
Accounts payable |
|
(4.6 |
) |
|
|
(52.4 |
) |
Accrued and other liabilities |
|
5.8 |
|
|
|
(4.5 |
) |
Net cash provided by operating activities |
|
293.5 |
|
|
|
296.9 |
|
|
|
|
|
||||
Investing activities: |
|
|
|
||||
Additions to finance receivables |
|
(234.7 |
) |
|
|
(249.2 |
) |
Collections of finance receivables |
|
208.5 |
|
|
|
207.0 |
|
Capital expenditures |
|
(18.1 |
) |
|
|
(21.1 |
) |
Acquisitions of businesses, net of cash acquired |
|
— |
|
|
|
(42.6 |
) |
Disposals of property and equipment |
|
1.1 |
|
|
|
1.2 |
|
Other |
|
3.0 |
|
|
|
0.1 |
|
Net cash used by investing activities |
|
(40.2 |
) |
|
|
(104.6 |
) |
|
|
|
|
||||
Financing activities: |
|
|
|
||||
Net decrease in other short-term borrowings |
|
(0.4 |
) |
|
|
(1.7 |
) |
Cash dividends paid |
|
(112.3 |
) |
|
|
(98.0 |
) |
Purchases of treasury stock |
|
(112.5 |
) |
|
|
(60.9 |
) |
Proceeds from stock purchase plans and stock option exercises |
|
30.7 |
|
|
|
19.1 |
|
Other |
|
(7.0 |
) |
|
|
(7.5 |
) |
Net cash used by financing activities |
|
(201.5 |
) |
|
|
(149.0 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents |
|
(4.6 |
) |
|
|
(1.1 |
) |
Increase in cash and cash equivalents |
|
47.2 |
|
|
|
42.2 |
|
|
|
|
|
||||
Cash and cash equivalents at beginning of period |
|
1,313.3 |
|
|
|
959.3 |
|
Cash and cash equivalents at end of year |
$ |
1,360.5 |
|
|
$ |
1,001.5 |
|
|
|
|
|
||||
Supplemental cash flow disclosures: |
|
|
|
||||
Cash paid for interest |
$ |
(8.3 |
) |
|
$ |
(8.4 |
) |
Net cash paid for income taxes |
|
(61.8 |
) |
|
|
(76.4 |
) |
SNAP-ON INCORPORATED Condensed Consolidated Statements of Cash Flows (Amounts in millions) (unaudited) |
|||||||
|
Full Year |
||||||
|
2024 |
|
2023 |
||||
Operating activities: |
|
|
|
||||
Net earnings |
$ |
1,068.9 |
|
|
$ |
1,034.6 |
|
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: |
|
|
|
||||
Depreciation |
|
72.7 |
|
|
|
72.2 |
|
Amortization of other intangible assets |
|
25.3 |
|
|
|
27.1 |
|
Provision for losses on finance receivables |
|
71.1 |
|
|
|
57.2 |
|
Provision for losses on non-finance receivables |
|
22.8 |
|
|
|
19.2 |
|
Stock-based compensation expense |
|
28.6 |
|
|
|
44.7 |
|
Deferred income tax benefit |
|
(8.2 |
) |
|
|
(18.7 |
) |
Gain on sales of assets |
|
(0.6 |
) |
|
|
(1.0 |
) |
Changes in operating assets and liabilities, net of effects of acquisitions: |
|
|
|
||||
Trade and other accounts receivable |
|
(72.9 |
) |
|
|
(45.2 |
) |
Contract receivables |
|
(17.4 |
) |
|
|
(34.0 |
) |
Inventories |
|
27.8 |
|
|
|
23.3 |
|
Prepaid expenses and other current assets |
|
10.4 |
|
|
|
35.1 |
|
Accounts payable |
|
29.0 |
|
|
|
(48.1 |
) |
Accrued and other liabilities |
|
(40.0 |
) |
|
|
(12.2 |
) |
Net cash provided by operating activities |
|
1,217.5 |
|
|
|
1,154.2 |
|
|
|
|
|
||||
Investing activities: |
|
|
|
||||
Additions to finance receivables |
|
(966.0 |
) |
|
|
(1,029.0 |
) |
Collections of finance receivables |
|
837.8 |
|
|
|
833.5 |
|
Capital expenditures |
|
(83.5 |
) |
|
|
(95.0 |
) |
Acquisitions of businesses, net of cash acquired |
|
— |
|
|
|
(42.6 |
) |
Disposals of property and equipment |
|
3.1 |
|
|
|
2.7 |
|
Other |
|
4.5 |
|
|
|
(1.4 |
) |
Net cash used by investing activities |
|
(204.1 |
) |
|
|
(331.8 |
) |
|
|
|
|
||||
Financing activities: |
|
|
|
||||
Net decrease in other short-term borrowings |
|
(1.3 |
) |
|
|
(1.7 |
) |
Cash dividends paid |
|
(406.4 |
) |
|
|
(355.6 |
) |
Purchases of treasury stock |
|
(290.0 |
) |
|
|
(294.7 |
) |
Proceeds from stock purchase plans and stock option exercises |
|
92.3 |
|
|
|
113.6 |
|
Other |
|
(44.4 |
) |
|
|
(34.5 |
) |
Net cash used by financing activities |
|
(649.8 |
) |
|
|
(572.9 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents |
|
(4.6 |
) |
|
|
(5.2 |
) |
Increase in cash and cash equivalents |
|
359.0 |
|
|
|
244.3 |
|
|
|
|
|
||||
Cash and cash equivalents at beginning of year |
|
1,001.5 |
|
|
|
757.2 |
|
Cash and cash equivalents at end of year |
$ |
1,360.5 |
|
|
$ |
1,001.5 |
|
|
|
|
|
||||
Supplemental cash flow disclosures: |
|
|
|
||||
Cash paid for interest |
$ |
(44.1 |
) |
|
$ |
(44.5 |
) |
Net cash paid for income taxes |
|
(305.7 |
) |
|
|
(300.9 |
) |
|
|
|
|
||||
Non-GAAP Supplemental Data
The following non-GAAP supplemental data is presented for informational purposes to provide readers with insight into the information used by management for assessing the operating performance of Snap-on Incorporated's (“Snap-on”) non-financial services (“Operations”) and Financial Services businesses.
The supplemental Operations data reflects the results of operations and financial position of Snap-on's tools, diagnostics, equipment products, software and other non-financial services operations with Financial Services presented on the equity method. The supplemental Financial Services data reflects the results of operations and financial position of Snap-on's
SNAP-ON INCORPORATED Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of Earnings (Amounts in millions) (unaudited) |
|||||||||||||||
|
Operations* |
|
Financial Services |
||||||||||||
|
Fourth Quarter |
|
Fourth Quarter |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
1,198.7 |
|
|
$ |
1,196.6 |
|
|
$ |
— |
|
|
$ |
— |
|
Cost of goods sold |
|
(602.6 |
) |
|
|
(619.0 |
) |
|
|
— |
|
|
|
— |
|
Gross profit |
|
596.1 |
|
|
|
577.6 |
|
|
|
— |
|
|
|
— |
|
Operating expenses |
|
(330.9 |
) |
|
|
(319.7 |
) |
|
|
— |
|
|
|
— |
|
Operating earnings before financial services |
|
265.2 |
|
|
|
257.9 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
||||||||
Financial services revenue |
|
— |
|
|
|
— |
|
|
|
100.5 |
|
|
|
97.2 |
|
Financial services expenses |
|
— |
|
|
|
— |
|
|
|
(33.8 |
) |
|
|
(29.3 |
) |
Operating earnings from financial services |
|
— |
|
|
|
— |
|
|
|
66.7 |
|
|
|
67.9 |
|
|
|
|
|
|
|
|
|
||||||||
Operating earnings |
|
265.2 |
|
|
|
257.9 |
|
|
|
66.7 |
|
|
|
67.9 |
|
Interest expense |
|
(12.3 |
) |
|
|
(12.5 |
) |
|
|
— |
|
|
|
— |
|
Intersegment interest income (expense) – net |
|
16.5 |
|
|
|
16.0 |
|
|
|
(16.5 |
) |
|
|
(16.0 |
) |
Other income (expense) – net |
|
19.5 |
|
|
|
17.5 |
|
|
|
0.1 |
|
|
|
— |
|
Earnings before income taxes and equity earnings |
|
288.9 |
|
|
|
278.9 |
|
|
|
50.3 |
|
|
|
51.9 |
|
Income tax expense |
|
(62.4 |
) |
|
|
(57.8 |
) |
|
|
(12.6 |
) |
|
|
(11.7 |
) |
Earnings before equity earnings |
|
226.5 |
|
|
|
221.1 |
|
|
|
37.7 |
|
|
|
40.2 |
|
Financial services – net earnings attributable to Snap-on |
|
37.7 |
|
|
|
40.2 |
|
|
|
— |
|
|
|
— |
|
Net earnings |
|
264.2 |
|
|
|
261.3 |
|
|
|
37.7 |
|
|
|
40.2 |
|
Net earnings attributable to noncontrolling interests |
|
(6.1 |
) |
|
|
(6.0 |
) |
|
|
— |
|
|
|
— |
|
Net earnings attributable to Snap-on |
$ |
258.1 |
|
|
$ |
255.3 |
|
|
$ |
37.7 |
|
|
$ |
40.2 |
|
|
|
|
|
|
|
|
|
||||||||
* Snap-on with Financial Services presented on the equity method. |
|||||||||||||||
SNAP-ON INCORPORATED Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of Earnings (Amounts in millions) (unaudited) |
|||||||||||||||
|
Operations* |
|
Financial Services |
||||||||||||
|
Full Year |
|
Full Year |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
4,707.4 |
|
|
$ |
4,730.2 |
|
|
$ |
— |
|
|
$ |
— |
|
Cost of goods sold |
|
(2,329.5 |
) |
|
|
(2,381.1 |
) |
|
|
— |
|
|
|
— |
|
Gross profit |
|
2,377.9 |
|
|
|
2,349.1 |
|
|
|
— |
|
|
|
— |
|
Operating expenses |
|
(1,309.1 |
) |
|
|
(1,309.2 |
) |
|
|
— |
|
|
|
— |
|
Operating earnings before financial services |
|
1,068.8 |
|
|
|
1,039.9 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
||||||||
Financial services revenue |
|
— |
|
|
|
— |
|
|
|
401.0 |
|
|
|
378.1 |
|
Financial services expenses |
|
— |
|
|
|
— |
|
|
|
(124.1 |
) |
|
|
(107.6 |
) |
Operating earnings from financial services |
|
— |
|
|
|
— |
|
|
|
276.9 |
|
|
|
270.5 |
|
|
|
|
|
|
|
|
|
||||||||
Operating earnings |
|
1,068.8 |
|
|
|
1,039.9 |
|
|
|
276.9 |
|
|
|
270.5 |
|
Interest expense |
|
(49.6 |
) |
|
|
(49.9 |
) |
|
|
— |
|
|
|
— |
|
Intersegment interest income (expense) – net |
|
67.1 |
|
|
|
63.9 |
|
|
|
(67.1 |
) |
|
|
(63.9 |
) |
Other income (expense) – net |
|
76.8 |
|
|
|
67.3 |
|
|
|
0.2 |
|
|
|
0.2 |
|
Earnings before income taxes and equity earnings |
|
1,163.1 |
|
|
|
1,121.2 |
|
|
|
210.0 |
|
|
|
206.8 |
|
Income tax expense |
|
(251.7 |
) |
|
|
(241.6 |
) |
|
|
(52.5 |
) |
|
|
(51.8 |
) |
Earnings before equity earnings |
|
911.4 |
|
|
|
879.6 |
|
|
|
157.5 |
|
|
|
155.0 |
|
Financial services – net earnings attributable to Snap-on |
|
157.5 |
|
|
|
155.0 |
|
|
|
— |
|
|
|
— |
|
Net earnings |
|
1,068.9 |
|
|
|
1,034.6 |
|
|
|
157.5 |
|
|
|
155.0 |
|
Net earnings attributable to noncontrolling interests |
|
(25.0 |
) |
|
|
(23.5 |
) |
|
|
— |
|
|
|
— |
|
Net earnings attributable to Snap-on |
$ |
1,043.9 |
|
|
$ |
1,011.1 |
|
|
$ |
157.5 |
|
|
$ |
155.0 |
|
|
|
|
|
|
|
|
|
||||||||
* Snap-on with Financial Services presented on the equity method. |
|||||||||||||||
SNAP-ON INCORPORATED Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Balance Sheets (Amounts in millions) (unaudited) |
|||||||||||
|
Operations* |
|
Financial Services |
||||||||
|
Fiscal Year End |
|
Fiscal Year End |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Assets |
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
$ |
1,360.4 |
|
$ |
1,001.3 |
|
$ |
0.1 |
|
$ |
0.2 |
Intersegment receivables |
|
15.1 |
|
|
15.7 |
|
|
— |
|
|
— |
Trade and other accounts receivable – net |
|
815.0 |
|
|
790.6 |
|
|
0.6 |
|
|
0.7 |
Finance receivables – net |
|
— |
|
|
— |
|
|
610.3 |
|
|
594.1 |
Contract receivables – net |
|
4.8 |
|
|
5.5 |
|
|
115.2 |
|
|
115.3 |
Inventories – net |
|
943.4 |
|
|
1,005.9 |
|
|
— |
|
|
— |
Prepaid expenses and other current assets |
|
143.8 |
|
|
143.2 |
|
|
9.4 |
|
|
7.4 |
Total current assets |
|
3,282.5 |
|
|
2,962.2 |
|
|
735.6 |
|
|
717.7 |
|
|
|
|
|
|
|
|
||||
Property and equipment – net |
|
540.2 |
|
|
536.5 |
|
|
2.4 |
|
|
2.8 |
Operating lease right-of-use assets |
|
83.8 |
|
|
73.8 |
|
|
5.6 |
|
|
0.9 |
Investment in Financial Services |
|
403.5 |
|
|
393.9 |
|
|
— |
|
|
— |
Deferred income tax assets |
|
51.8 |
|
|
51.3 |
|
|
26.2 |
|
|
24.7 |
Intersegment long-term notes receivable |
|
831.8 |
|
|
785.6 |
|
|
— |
|
|
— |
Long-term finance receivables – net |
|
— |
|
|
— |
|
|
1,312.0 |
|
|
1,284.2 |
Long-term contract receivables – net |
|
8.4 |
|
|
8.3 |
|
|
409.9 |
|
|
399.6 |
Goodwill |
|
1,056.8 |
|
|
1,097.4 |
|
|
— |
|
|
— |
Other intangible assets – net |
|
267.6 |
|
|
268.9 |
|
|
— |
|
|
— |
Pension assets |
|
125.4 |
|
|
130.5 |
|
|
— |
|
|
— |
Other long-term assets |
|
35.6 |
|
|
30.2 |
|
|
0.2 |
|
|
0.1 |
Total assets |
$ |
6,687.4 |
|
$ |
6,338.6 |
|
$ |
2,491.9 |
|
$ |
2,430.0 |
|
|
|
|
|
|
|
|
||||
Liabilities and Equity |
|
|
|
|
|
|
|
||||
Notes payable |
$ |
13.7 |
|
$ |
15.6 |
|
$ |
— |
|
$ |
— |
Accounts payable |
|
265.4 |
|
|
236.2 |
|
|
0.5 |
|
|
1.8 |
Intersegment payables |
|
— |
|
|
— |
|
|
15.1 |
|
|
15.7 |
Accrued benefits |
|
67.2 |
|
|
64.4 |
|
|
— |
|
|
— |
Accrued compensation |
|
83.5 |
|
|
99.9 |
|
|
2.6 |
|
|
3.0 |
Franchisee deposits |
|
70.9 |
|
|
73.3 |
|
|
— |
|
|
— |
Other accrued liabilities |
|
443.6 |
|
|
432.2 |
|
|
27.7 |
|
|
27.4 |
Total current liabilities |
|
944.3 |
|
|
921.6 |
|
|
45.9 |
|
|
47.9 |
|
|
|
|
|
|
|
|
||||
Long-term debt and intersegment long-term debt |
|
— |
|
|
— |
|
|
2,017.3 |
|
|
1,970.2 |
Deferred income tax liabilities |
|
73.5 |
|
|
79.2 |
|
|
— |
|
|
— |
Retiree health care benefits |
|
19.4 |
|
|
21.8 |
|
|
— |
|
|
— |
Pension liabilities |
|
78.4 |
|
|
82.3 |
|
|
— |
|
|
— |
Operating lease liabilities |
|
63.0 |
|
|
54.0 |
|
|
5.6 |
|
|
0.6 |
Other long-term liabilities |
|
91.8 |
|
|
86.3 |
|
|
19.6 |
|
|
17.4 |
Total liabilities |
|
1,270.4 |
|
|
1,245.2 |
|
|
2,088.4 |
|
|
2,036.1 |
|
|
|
|
|
|
|
|
||||
Total shareholders' equity attributable to Snap-on |
|
5,394.1 |
|
|
5,071.3 |
|
|
403.5 |
|
|
393.9 |
Noncontrolling interests |
|
22.9 |
|
|
22.1 |
|
|
— |
|
|
— |
Total equity |
|
5,417.0 |
|
|
5,093.4 |
|
|
403.5 |
|
|
393.9 |
Total liabilities and equity |
$ |
6,687.4 |
|
$ |
6,338.6 |
|
$ |
2,491.9 |
|
$ |
2,430.0 |
|
|
|
|
|
|
|
|
||||
* Snap-on with Financial Services presented on the equity method. |
|||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250206467415/en/
For additional information, please visit www.snapon.com or contact:
Investors:
Sara Verbsky
262/656-4869
Media:
Samuel Bottum
262/656-5793
Source: Snap-on Incorporated
FAQ
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