KENOSHA, Wis. (Feb. 9, 2015) — Snap-on Inc.'s fiscal 2014 net earnings surged 20.4 percent to $421.9 million on a 7.2-percent jump in sales to $3.28 billion.
Earnings for the fourth quarter climbed 23 percent to $116.2 million on a 7.5-percent increase in sales to $857.4 million, compared with the year-ago period, Kenosha-based the tool maker reported.
Nick Pinchuk, Snap-on chairman and CEO, called the fourth quarter results “an encouraging finish to 2014.”
For the full year, Snap-on achieved 6.9-percent growth in organic sales despite headwinds, “once again confirming the strength of Snap-on's value proposition to make work easier for serious professionals performing critical tasks in workplaces of consequence,” Mr. Pinchuk said.
Snap-on's Tools Group reported 14.6 percent higher operating earnings of $223.1 million as segment sales increased 7.1 percent to $1.46 billion for the year.
For the fourth quarter, segment operating earnings surged 25.3 percent to $63.9 million on a 10.4-percent jump in sales to $387.5 million, compared with the year-ago period.
Snap-on said it expects to continue developing and expanding its professional customer base, not only in automotive repair but in adjacent markets, additional geographies and other areas. Snap-on expects that capital expenditures in 2015 will be in a range of $80 million to $90 million.