KENOSHA, Wis. (Feb. 7, 2014) — Tool maker Snap-on Inc. increased its annual net earnings 14.4 percent to $350.3 million on a 4-percent jump in sales to $3.06 billion for 2013, compared with the previous year.
For the fourth quarter, the company's net earnings climbed 11.7 percent to $94.5 million on a 5.9-percent increase in sales to $797.5 million, compared with the year-ago period.
The Snap-on Tools Group boosted its operating earnings 10.3 percent to $194.6 million on a 6.8-percent jump in sales to 1.36 billion for the year.
The segment's fourth-quarter operating earnings surged 11.8 percent to $51 million on a 9.2 percent increase in sales to $351.1 million, compared with the year-ago period, "reflecting sales gains across both the company's U.S. and international franchise operations," the company said.
"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 percent reflects a 120-basis point year-over-year improvement," said Nick Pinchuk, Snap-on chairman and CEO.