Snap-On

Snap-On

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Product type: Measuring, Leveling & Marking Tools
Supplier type: Drop Shipper, Manufacturer
Market served: North America
Trade show: NA

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 first quarter of 2015.

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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 first quarter of 2015.

-Sales of $827.8 million increased $40.3 million, or 5.1%, from 2014 levels; excluding $38.5 million of unfavorable foreign currency translation and $4.9 million of acquisition-related sales, organic sales increased 9.9%.

-Operating earnings before financial services of $137.9 million improved 120 basis points to 16.7% of sales as compared to $121.7 million, or 15.5% of sales, last year.

-Financial services operating earnings of $40.3 million increased $5.9 million, or 17.2%, from 2014 levels; financial services revenues of $57.4 million increased 14.3% from 2014 levels.

-Consolidated operating earnings of $178.2 million improved to 20.1% of revenues (net sales plus financial services revenue) as compared to $156.1 million, or 18.6% of revenues, last year.

-The first quarter effective income tax rate was 32.0% in 2015 and 31.6% in 2014.

-Net earnings of $110.5 million, or $1.87 per diluted share, compared to net earnings of $95.9 million, or $1.62 per diluted share, a year ago.

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