KENOSHA, Wis. (Feb. 8, 2013) — Snap-on Inc., a manufacturer and marketer of auto repair tools, equipment, diagnostics and repair information, boosted 2012 net earnings 10.8 percent to $306.1 million, compared with 2011 results, on a 2.9-percent increase in sales to $2.94 billion.
For the fourth quarter, Snap-on's net earnings climbed 13.9 percent to $84.6 million as sales edged up 2.3 percent to $753.2 million.
The tools group, the company's largest segment, boosted its annual operating earnings 11.3 percent to $176.4 million on a 10.3-percent increase in sales to $1.27 billion for the year. For the fourth quarter, the segment reported a 15-percent surge in operating income to $45.6 million as sales increased 9.8 percent to $321.6 million. Excluding $1.4 million of favorable foreign currency translation during the quarter, organic sales increased 9.3 percent, according to the Kenosha-based company, reflecting increases across both its U.S. and international franchise operations.
"In the fourth quarter and throughout 2012, we continued to progress in those strategic areas of importance that we've identified as being decisive to our future, while achieving higher year-over-year sales and operating income despite ongoing macroeconomic and political headwinds impacting specific parts of our business," said Nick Pinchuk, Snap-on chairman and CEO.
Snap-on said it expects to make capital expenditures of $70 million to $80 million this year to continue enhancing its mobile tool distribution network as well expand in the vehicle repair garage, extend to critical industries and build in emerging markets.