KENOSHA, Wis.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 firm'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.
In 2014, we believe we'll make further advances through Snap-on Value Creation, our suite of principles and processes we employ every day around safety, quality, customer connection, innovation and rapid continuous improvement.
Snap-on said it expects to continue to enhance its mobile tool distribution network, expand in the vehicle repair garage, extend to critical industries and build in emerging markets. The Kenosha-based company said it anticipates that capital expenditures in 2014 will be in a range of $70 million to $80 million.