[October 19, 2017] |
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Snap-on Announces Third Quarter 2017 Results
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 third quarter
of 2017.
-
Net sales of $903.8 million increased $69.7 million, or 8.4%, from
2016 levels, reflecting a $19.5 million, or 2.3%, organic sales gain,
$44.3 million of acquisition-related sales and $5.9 million of
favorable foreign currency translation.
-
Operating earnings before financial services of $153.1 million, or
16.9% of sales, included a pre-tax charge of $15.0 million related to
a judgment in an employment-related litigation matter brought by an
individual that is being appealed ("legal charge"), and compared to
$157.6 million, or 18.9% of sales, last year. Excluding the legal
charge, operating earnings before financial services, as adjusted, in
2017 was $168.1 million, or 18.6% of sales.
-
Financial services revenue of $79.0 million increased $7.4 million
from 2016 levels; financial services operating earnings of $56.0
million increased $5.4 million from $50.6 million last year.
-
Consolidated operating earnings of $209.1 million, or 21.3% of
revenues (net sales plus financial services revenue), compared to
$208.2 million, or 23.0% of revenues, last year. Excluding the legal
charge, consolidated operating earnings, as adjusted, in 2017 was
$224.1 million, or 22.8% of revenues.
-
The third quarter effective income tax rate of 30.1% in 2017 was
reduced by 60 bps as a result of the legal charge. The third quarter
effective income tax rate was 31.2% in 2016.
-
Net earnings in the third quarter of 2017 were $133.4 million, or
$2.29 per diluted share, compared to net earnings of $131.7 million,
or $2.22 per diluted share a year ago. Excluding the legal charge, net
earnings, as adjusted, of $142.7 million, in 2017 was $2.45 per
diluted share.
See "Non-GAAP Measures" below for a definition of, and further
explanation about, organic sales and measures excluding the legal charge.
"We're encouraged that in the third quarter we increased both sales and
net earnings through our steadfast commitment to our runways for growth
and improvement, despite challenges on a variety of fronts, including
the recent hurricanes," said Nick Pinchuk, Snap-on chairman and chief
executive officer. "We believe Snap-on's value proposition of making
work easier for serious professionals remains strong in both automotive
repair and the other end markets we serve and that there remains
significant opportunity along each of our runways for growth: enhance
the franchise network, expand with repair shop owners and managers,
extend in critical industries and build in emerging markets. At the same
time, the ongoing potential of our Snap-on Value Creation Processes
continues to manifest itself in a variety of ways. For example, in the
third quarter, Snap-on again was honored to receive product awards from
both MOTOR Magazine and Professional Tool &
Equipment News. We believe this recognition reflects Snap-on's
capabilities in translating our deep understanding of professionals'
work into winning innovations. Finally, our results are only possible
with the significant effort and contributions from our franchisees and
associates worldwide; I thank them for their ongoing dedication and
commitment."
Segment Results
Commercial & Industrial Group segment sales of $314.6 million
in the quarter increased $25.3 million, or 8.7%, from 2016 levels,
reflecting a $0.6 million, or 0.2%, organic sales gain, $22.7 million of
acquisition-related sales, and $2.0 million of favorable foreign
currency translation. The organic sales increase primarily includes
higher sales to customers in critical industries and gains in the
segment's European-based hand tools business, substantially offset by
lower sales of power tools and in the segment's Asia/Pacific operations.
Operating earnings of $50.1 million in the period increased $6.4 million
from 2016 levels, and the operating margin (operating earnings as a
percentage of segment sales) of 15.9% improved 80 basis points from
15.1% a year ago.
Snap-on Tools Group segment sales of $392.7 million in the
quarter decreased $4.5 million, or 1.1%, from 2016 levels, reflecting a
$6.5 million, or 1.6%, organic sales decline, partially offset by $2.0
million of favorable foreign currency translation. The organic sales
decrease includes lower sales in the company's U.S. franchise
operations, partially offset by gains in the international franchise
operations.
Operating earnings of $56.3 million in the period, including $2.3
million of unfavorable foreign currency effects, decreased $8.3 million
from 2016 levels, and the operating margin of 14.3% compared to 16.3% a
year ago.
Repair Systems & Information Group segment sales of $333.5
million in the quarter increased $47.4 million, or 16.6%, from 2016
levels, reflecting a $23.7 million, or 8.2%, organic sales gain, $21.6
million of acquisition-related sales, and $2.1 million of favorable
foreign currency translation. The organic sales gain includes higher
sales of diagnostics and repair information products to independent
repair shop owners and managers, increased sales to OEM dealerships, and
higher sales of undercar equipment.
Operating earnings of $83.4 million in the period, including $0.3
million of favorable foreign currency effects, increased $11.6 million
from 2016 levels, and the operating margin of 25.0% compared to 25.1% a
year ago.
Financial Services operating earnings of $56.0 million on revenue
of $79.0 million in the quarter compared to operating earnings of $50.6
million on revenue of $71.6 million a year ago. Originations of $271.8
million in the third quarter increased $2.0 million, or 0.7%, from 2016
levels.
Corporate expenses of $36.7 million in the quarter compared to
$22.5 million last year, primarily reflecting the pre-tax legal charge
of $15.0 million.
Outlook
Snap-on expects to make continued progress in 2017 along its defined
runways for coherent growth, leveraging capabilities already
demonstrated in the automotive repair arena and developing and expanding
its professional customer base, not only in automotive repair, but in
adjacent markets, additional geographies and other areas, including
extending in critical industries, where the cost and penalties for
failure can be high. In pursuit of these initiatives, Snap-on expects
that capital expenditures in 2017 will be in a range of $80 million to
$90 million, of which $57.3 million was expended in the first nine
months. Snap-on also anticipates that its full year 2017 effective
income tax rate will be comparable to its 2016 full year rate.
Conference Call and Webcast on October 19,
2017, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday, October 19,
2017, at 9:00 a.m. Central Time, and a replay will be available for at
least 10 days following the call. To access the webcast, visit http://www.snapon.com/sna
and click on the link to the webcast. The slide presentation
accompanying the call can be accessed under the Downloads tab in the
webcast viewer, as well as on the Snap-on website under the tabs Investor
Information / Investor Events / Company Presentations.
Non-GAAP Measures
References in this document to "organic sales" refer to sales from
continuing operations calculated in accordance with generally accepted
accounting principles in the United States ("GAAP"), adjusted to exclude
acquisition-related sales and the impact of foreign currency
translation. Management evaluates the company's sales performance based
on organic sales growth, which primarily reflects growth from the
company's existing businesses as a result of increased output, customer
base and geographic expansion, new product development and/or pricing,
and excludes sales contributions from acquired operations the company
did not own as of the comparable prior-year reporting period. The
company's organic sales disclosures also exclude the effects of foreign
currency translation as foreign currency translation is subject to
volatility that can obscure underlying business trends. Management
believes that the non-GAAP financial measure of organic sales is
meaningful to investors as it provides them with useful information to
aid in identifying underlying growth trends in our businesses and
facilitating comparisons of our sales performance with prior periods.
In addition, for the three and nine months ended September 30, 2017, the
company is including operating earnings before financial services,
consolidated operating earnings, net earnings, and diluted earnings per
share, all as adjusted to exclude the impact of a pre-tax $15.0 million
charge ($9.3 million after tax) related to a judgment in an
employment-related litigation matter brought by an individual that is
being appealed. Management believes that the litigation result is an
unusual event, and subject to potential change or reversal on appeal,
and therefore the non-GAAP financial measures adjusted to exclude the
legal charge provide more meaningful year-over-year comparisons of the
company's 2017 operating performance. For a reconciliation of the
adjusted metrics, see "Reconciliation of Non-GAAP Financial Measures"
below.
About Snap-on
Snap-on Incorporated is a leading global innovator, manufacturer and
marketer of tools, equipment, diagnostics, repair information and
systems solutions for professional users performing critical tasks.
Products and services include hand and power tools, tool storage,
diagnostics software, information and management systems, shop equipment
and other solutions for vehicle dealerships and repair centers, as well
as for customers in industries, including aviation and aerospace,
agriculture, construction, government and military, mining, natural
resources, power generation and technical education. Snap-on also
derives income from various financing programs to facilitate the sales
of its products and support its franchise business. Products and
services are sold through the company's franchisee, company-direct,
distributor and internet channels. Founded in 1920, Snap-on is a $3.4
billion, S&P 500 company headquartered in Kenosha, Wisconsin.
Forward-looking Statements
Statements in this news release that are not historical facts,
including statements that (i) are in the future tense; (ii) include the
words "expects," "anticipates," "intends," "approximates," or similar
words that reference Snap-on or its management; (iii) are specifically
identified as forward-looking; or (iv) describe Snap-on's or
management's future outlook, plans, estimates, objectives or goals, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Snap-on cautions the reader that
this news release may contain statements, including earnings
projections, that are forward-looking in nature and were developed by
management in good faith and, accordingly, are subject to risks and
uncertainties regarding Snap-on's expected results that could cause (and
in some cases have caused) actual results to differ materially from
those described or contemplated in any forward-looking statement.
Factors that may cause the company's actual results to differ materially
from those contained in the forward-looking statements include those
found in the company's reports filed with the Securities and Exchange
Commission, including the information under the "Safe Harbor" and "Risk
Factors" headings in its Annual Report on Form 10-K for the fiscal year
ended December 31, 2016, which are incorporated herein by reference. In
addition, Snap-on cannot assure that its appeal of the legal matter
discussed above will result in diminished liability or a reversal of the
legal charge. Snap-on disclaims any responsibility to update any
forward-looking statement provided in this news release, except as
required by law.
For additional information, please visit www.snapon.com.
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SNAP-ON INCORPORATED
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Condensed Consolidated Statements of Earnings
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(Amounts in millions, except per share data)
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(unaudited)
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Three Months Ended
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Nine Months Ended
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Sept. 30,
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Oct. 1,
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Sept. 30,
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Oct. 1,
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2017
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2016
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2017
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2016
|
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Net sales
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$
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903.8
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$
|
834.1
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$
|
2,712.3
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$
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2,540.6
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|
Cost of goods sold
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(455.2
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)
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(415.0
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)
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(1,352.7
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)
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(1,274.9
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)
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Gross profit
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448.6
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419.1
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1,359.6
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1,265.7
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Operating expenses
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|
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(295.5
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)
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(261.5
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)
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(853.3
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)
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(786.3
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)
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Operating earnings before financial services
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|
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153.1
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157.6
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506.3
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479.4
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Financial services revenue
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79.0
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71.6
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233.5
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|
|
207.2
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Financial services expenses
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(23.0
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)
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(21.0
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)
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(70.4
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)
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(60.1
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)
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Operating earnings from financial services
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56.0
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50.6
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|
163.1
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|
147.1
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|
|
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Operating earnings
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209.1
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|
|
|
208.2
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|
669.4
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|
|
|
626.5
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Interest expense
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(13.1
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)
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|
|
(13.1
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)
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(38.8
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)
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(39.1
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)
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Other income (expense) - net
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(2.1
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)
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(0.8
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)
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(5.7
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)
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(0.3
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)
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Earnings before income taxes and equity earnings
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193.9
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194.3
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624.9
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|
587.1
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Income tax expense
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(57.2
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)
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(59.6
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)
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(187.1
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)
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(179.4
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)
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Earnings before equity earnings
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136.7
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134.7
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437.8
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407.7
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Equity earnings, net of tax
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0.4
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0.5
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1.2
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|
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2.2
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Net earnings
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137.1
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135.2
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439.0
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409.9
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Net earnings attributable to noncontrolling interests
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(3.7
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)
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(3.5
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)
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(10.8
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)
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(9.8
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)
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Net earnings attributable to Snap-on Inc.
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$
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133.4
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$
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131.7
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$
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428.2
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$
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400.1
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Net earnings per share attributable to Snap-on Inc.:
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Basic
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$
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2.33
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$
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2.27
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$
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7.43
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$
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6.89
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Diluted
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2.29
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2.22
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7.27
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6.74
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Weighted-average shares outstanding:
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Basic
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57.2
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58.0
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57.6
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58.1
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Effect of dilutive securities
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1.1
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1.3
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1.3
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1.3
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Diluted
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58.3
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59.3
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58.9
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59.4
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SNAP-ON INCORPORATED
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Supplemental Segment Information
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(Amounts in millions)
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(unaudited)
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Three Months Ended
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Nine Months Ended
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Sept. 30,
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Oct. 1,
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Sept. 30,
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Oct. 1,
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2017
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2016
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2017
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2016
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Net sales:
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Commercial & Industrial Group
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$
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314.6
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$
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289.3
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$
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923.3
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$
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862.0
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Snap-on Tools Group
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392.7
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397.2
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1,215.9
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1,216.4
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Repair Systems & Information Group
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333.5
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|
|
286.1
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|
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|
990.4
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|
|
860.1
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Segment net sales
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1,040.8
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|
|
972.6
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3,129.6
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|
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2,938.5
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Intersegment eliminations
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(137.0
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)
|
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(138.5
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)
|
|
|
|
(417.3
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)
|
|
|
(397.9
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)
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Total net sales
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|
$
|
903.8
|
|
|
$
|
834.1
|
|
|
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$
|
2,712.3
|
|
|
$
|
2,540.6
|
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Financial Services revenue
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|
|
79.0
|
|
|
|
71.6
|
|
|
|
|
233.5
|
|
|
|
207.2
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Total revenues
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|
$
|
982.8
|
|
|
$
|
905.7
|
|
|
|
$
|
2,945.8
|
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$
|
2,747.8
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|
|
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|
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Operating earnings:
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|
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Commercial & Industrial Group
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$
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50.1
|
|
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$
|
43.7
|
|
|
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$
|
134.4
|
|
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$
|
124.1
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Snap-on Tools Group
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|
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56.3
|
|
|
|
64.6
|
|
|
|
|
207.2
|
|
|
|
207.6
|
|
Repair Systems & Information Group
|
|
|
83.4
|
|
|
|
71.8
|
|
|
|
|
244.0
|
|
|
|
215.3
|
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Financial Services
|
|
|
56.0
|
|
|
|
50.6
|
|
|
|
|
163.1
|
|
|
|
147.1
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Segment operating earnings
|
|
|
245.8
|
|
|
|
230.7
|
|
|
|
|
748.7
|
|
|
|
694.1
|
|
Corporate
|
|
|
(36.7
|
)
|
|
|
(22.5
|
)
|
|
|
|
(79.3
|
)
|
|
|
(67.6
|
)
|
Operating earnings
|
|
$
|
209.1
|
|
|
$
|
208.2
|
|
|
|
$
|
669.4
|
|
|
$
|
626.5
|
|
Interest expense
|
|
|
(13.1
|
)
|
|
|
(13.1
|
)
|
|
|
|
(38.8
|
)
|
|
|
(39.1
|
)
|
Other income (expense) - net
|
|
|
(2.1
|
)
|
|
|
(0.8
|
)
|
|
|
|
(5.7
|
)
|
|
|
(0.3
|
)
|
Earnings before income taxes and equity earnings
|
|
$
|
193.9
|
|
|
$
|
194.3
|
|
|
|
$
|
624.9
|
|
|
$
|
587.1
|
|
|
|
|
|
|
SNAP-ON INCORPORATED
|
Condensed Consolidated Balance Sheets
|
(Amounts in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sept. 30,
|
|
Dec. 31,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
94.1
|
|
|
$
|
77.6
|
|
|
Trade and other accounts receivable - net
|
|
|
675.2
|
|
|
|
598.8
|
|
|
Finance receivables - net
|
|
|
505.8
|
|
|
|
472.5
|
|
|
Contract receivables - net
|
|
|
99.8
|
|
|
|
88.1
|
|
|
Inventories - net
|
|
|
649.9
|
|
|
|
530.5
|
|
|
Prepaid expenses and other assets
|
|
|
121.1
|
|
|
|
116.5
|
|
|
|
Total current assets
|
|
|
2,145.9
|
|
|
|
1,884.0
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment - net
|
|
|
474.2
|
|
|
|
425.2
|
|
|
Deferred income tax assets
|
|
|
81.2
|
|
|
|
72.8
|
|
|
Long-term finance receivables - net
|
|
|
1,018.6
|
|
|
|
934.5
|
|
|
Long-term contract receivables - net
|
|
|
310.4
|
|
|
|
286.7
|
|
|
Goodwill
|
|
|
|
924.0
|
|
|
|
895.5
|
|
|
Other intangibles - net
|
|
|
258.3
|
|
|
|
184.6
|
|
|
Other assets
|
|
|
43.6
|
|
|
|
39.9
|
|
Total assets
|
|
$
|
5,256.2
|
|
|
$
|
4,723.2
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
Notes payable and current maturities of long-term debt
|
|
$
|
453.4
|
|
|
$
|
301.4
|
|
|
Accounts payable
|
|
|
204.7
|
|
|
|
170.9
|
|
|
Accrued benefits
|
|
|
47.8
|
|
|
|
52.8
|
|
|
Accrued compensation
|
|
|
74.8
|
|
|
|
89.8
|
|
|
Franchisee deposits
|
|
|
76.1
|
|
|
|
66.7
|
|
|
Other accrued liabilities
|
|
|
366.0
|
|
|
|
307.9
|
|
|
|
Total current liabilities
|
|
|
1,222.8
|
|
|
|
989.5
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
755.0
|
|
|
|
708.8
|
|
|
Deferred income tax liabilities
|
|
|
28.5
|
|
|
|
13.1
|
|
|
Retiree health care benefits
|
|
|
34.3
|
|
|
|
36.7
|
|
|
Pension liabilities
|
|
|
181.8
|
|
|
|
246.5
|
|
|
Other long-term liabilities
|
|
|
93.8
|
|
|
|
93.4
|
|
|
|
Total liabilities
|
|
|
2,316.2
|
|
|
|
2,088.0
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Shareholders' equity attributable to Snap-on Inc.
|
|
|
|
|
|
|
Common stock
|
|
|
67.4
|
|
|
|
67.4
|
|
|
|
Additional paid-in capital
|
|
|
344.4
|
|
|
|
317.3
|
|
|
|
Retained earnings
|
|
|
3,689.5
|
|
|
|
3,384.9
|
|
|
|
Accumulated other comprehensive loss
|
|
|
(341.8
|
)
|
|
|
(498.5
|
)
|
|
|
Treasury stock at cost
|
|
|
(837.7
|
)
|
|
|
(653.9
|
)
|
|
|
|
Total shareholders' equity attributable to Snap-on Inc.
|
|
|
2,921.8
|
|
|
|
2,617.2
|
|
|
|
Noncontrolling interests
|
|
|
18.2
|
|
|
|
18.0
|
|
|
|
|
Total equity
|
|
|
2,940.0
|
|
|
|
2,635.2
|
|
Total liabilities and equity
|
|
$
|
5,256.2
|
|
|
$
|
4,723.2
|
|
|
|
|
|
|
SNAP-ON INCORPORATED
|
Condensed Consolidated Statements of Cash Flows
|
(Amounts in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Sept. 30,
|
|
Oct. 1,
|
|
|
|
|
|
2017
|
|
2016
|
Operating activities:
|
|
|
|
|
Net earnings
|
|
$
|
137.1
|
|
|
$
|
135.2
|
|
Adjustments to reconcile net earnings to net cash provided (used) by
|
|
|
|
|
|
operating activities:
|
|
|
|
|
|
Depreciation
|
|
|
16.4
|
|
|
|
15.3
|
|
|
Amortization of other intangibles
|
|
|
7.1
|
|
|
|
5.9
|
|
|
Provision for losses on finance receivables
|
|
|
12.8
|
|
|
|
10.8
|
|
|
Provision for losses on non-finance receivables
|
|
|
3.3
|
|
|
|
1.4
|
|
|
Stock-based compensation expense
|
|
|
7.0
|
|
|
|
7.3
|
|
|
Deferred income tax provision
|
|
|
(13.2
|
)
|
|
|
(6.8
|
)
|
|
Loss (gain) on sales of assets
|
|
|
0.1
|
|
|
|
(0.1
|
)
|
Changes in operating assets and liabilities, net of effects of
acquisitions:
|
|
|
|
|
|
Increase in trade and other accounts receivable
|
|
|
(24.0
|
)
|
|
|
(25.4
|
)
|
|
Increase in contract receivables
|
|
|
(26.2
|
)
|
|
|
(25.3
|
)
|
|
Increase in inventories
|
|
|
(38.6
|
)
|
|
|
(17.9
|
)
|
|
(Increase) decrease in prepaid and other assets
|
|
|
0.2
|
|
|
|
(3.7
|
)
|
|
Increase (decrease) in accounts payable
|
|
|
(1.2
|
)
|
|
|
3.6
|
|
|
Increase in accruals and other liabilities
|
|
|
14.7
|
|
|
|
11.6
|
|
Net cash provided by operating activities
|
|
|
95.5
|
|
|
|
111.9
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
Additions to finance receivables
|
|
|
(211.2
|
)
|
|
|
(216.3
|
)
|
|
Collections of finance receivables
|
|
|
176.0
|
|
|
|
160.3
|
|
|
Capital expenditures
|
|
|
(22.9
|
)
|
|
|
(16.5
|
)
|
|
Acquisitions of businesses, net of cash acquired
|
|
|
(2.7
|
)
|
|
|
-
|
|
|
Disposals of property and equipment
|
|
|
0.5
|
|
|
|
0.5
|
|
|
Other
|
|
|
(1.8
|
)
|
|
|
2.8
|
|
Net cash used by investing activities
|
|
|
(62.1
|
)
|
|
|
(69.2
|
)
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
Proceeds from notes payable
|
|
|
16.8
|
|
|
|
4.5
|
|
|
Repayments of notes payable
|
|
|
(4.5
|
)
|
|
|
(4.5
|
)
|
|
Net increase in other short-term borrowings
|
|
|
91.4
|
|
|
|
8.2
|
|
|
Cash dividends paid
|
|
|
(40.7
|
)
|
|
|
(35.4
|
)
|
|
Purchases of treasury stock
|
|
|
(90.1
|
)
|
|
|
(17.9
|
)
|
|
Proceeds from stock purchase and option plans
|
|
|
1.6
|
|
|
|
4.0
|
|
|
Other
|
|
|
|
(4.0
|
)
|
|
|
(3.8
|
)
|
Net cash used by financing activities
|
|
|
(29.5
|
)
|
|
|
(44.9
|
)
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
1.2
|
|
|
|
(0.2
|
)
|
Increase (decrease) in cash and cash equivalents
|
|
|
5.1
|
|
|
|
(2.4
|
)
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
89.0
|
|
|
|
119.9
|
|
Cash and cash equivalents at end of period
|
|
$
|
94.1
|
|
|
$
|
117.5
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow disclosures:
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
(24.8
|
)
|
|
$
|
(23.7
|
)
|
|
Net cash paid for income taxes
|
|
|
(68.5
|
)
|
|
|
(69.2
|
)
|
|
|
|
|
|
SNAP-ON INCORPORATED
|
Condensed Consolidated Statements of Cash Flows
|
(Amounts in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
Sept. 30,
|
|
Oct. 1,
|
|
|
|
|
|
2017
|
|
2016
|
Operating activities:
|
|
|
|
|
Net earnings
|
|
$
|
439.0
|
|
|
$
|
409.9
|
|
Adjustments to reconcile net earnings to net cash provided (used) by
|
|
|
|
|
|
operating activities:
|
|
|
|
|
|
Depreciation
|
|
|
48.7
|
|
|
|
45.7
|
|
|
Amortization of other intangibles
|
|
|
20.7
|
|
|
|
18.2
|
|
|
Provision for losses on finance receivables
|
|
|
38.6
|
|
|
|
30.4
|
|
|
Provision for losses on non-finance receivables
|
|
|
7.9
|
|
|
|
6.1
|
|
|
Stock-based compensation expense
|
|
|
21.4
|
|
|
|
21.5
|
|
|
Deferred income tax benefit
|
|
|
(10.1
|
)
|
|
|
(12.5
|
)
|
|
Gain on sales of assets
|
|
|
(0.1
|
)
|
|
|
(0.1
|
)
|
|
Settlement of treasury lock
|
|
|
14.9
|
|
|
|
-
|
|
Changes in operating assets and liabilities, net of effects of
acquisitions:
|
|
|
|
|
|
Increase in trade and other accounts receivable
|
|
|
(50.8
|
)
|
|
|
(31.2
|
)
|
|
Increase in contract receivables
|
|
|
(31.8
|
)
|
|
|
(30.8
|
)
|
|
Increase in inventories
|
|
|
(86.9
|
)
|
|
|
(29.9
|
)
|
|
Increase in prepaid and other assets
|
|
|
(9.7
|
)
|
|
|
(28.5
|
)
|
|
Increase in accounts payable
|
|
|
26.5
|
|
|
|
27.7
|
|
|
Decrease in accruals and other liabilities
|
|
|
(13.3
|
)
|
|
|
(10.9
|
)
|
Net cash provided by operating activities
|
|
|
415.0
|
|
|
|
415.6
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
Additions to finance receivables
|
|
|
(670.0
|
)
|
|
|
(691.4
|
)
|
|
Collections of finance receivables
|
|
|
528.9
|
|
|
|
501.7
|
|
|
Capital expenditures
|
|
|
(57.3
|
)
|
|
|
(56.6
|
)
|
|
Acquisitions of businesses, net of cash acquired
|
|
|
(82.9
|
)
|
|
|
-
|
|
|
Disposals of property and equipment
|
|
|
1.4
|
|
|
|
1.9
|
|
|
Other
|
|
|
(2.5
|
)
|
|
|
0.3
|
|
Net cash used by investing activities
|
|
|
(282.4
|
)
|
|
|
(244.1
|
)
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
Proceeds from issuance of long-term debt
|
|
|
297.8
|
|
|
|
-
|
|
|
Repayment of long-term debt
|
|
|
(150.0
|
)
|
|
|
-
|
|
|
Proceeds from notes payable
|
|
|
16.8
|
|
|
|
4.5
|
|
|
Repayments of notes payable
|
|
|
(4.5
|
)
|
|
|
(5.3
|
)
|
|
Net increase in other short-term borrowings
|
|
|
38.7
|
|
|
|
15.6
|
|
|
Cash dividends paid
|
|
|
(123.0
|
)
|
|
|
(106.3
|
)
|
|
Purchases of treasury stock
|
|
|
(212.6
|
)
|
|
|
(76.4
|
)
|
|
Proceeds from stock purchase and option plans
|
|
|
36.2
|
|
|
|
32.4
|
|
|
Other
|
|
|
(18.9
|
)
|
|
|
(11.3
|
)
|
Net cash used by financing activities
|
|
|
(119.5
|
)
|
|
|
(146.8
|
)
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
3.4
|
|
|
|
-
|
|
Increase in cash and cash equivalents
|
|
|
16.5
|
|
|
|
24.7
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
77.6
|
|
|
|
92.8
|
|
Cash and cash equivalents at end of period
|
|
$
|
94.1
|
|
|
$
|
117.5
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow disclosures:
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
(49.7
|
)
|
|
$
|
(49.2
|
)
|
|
Net cash paid for income taxes
|
|
|
(168.3
|
)
|
|
|
(175.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Supplemental Data
|
The following non-GAAP supplemental data is presented for
informational purposes to provide readers with insight into the
information used by management for assessing the operating
performance of Snap-on Incorporated's ("Snap-on") non-financial
services ("Operations") and "Financial Services" businesses.
|
The supplemental Operations data reflects the results of operations
and financial position of Snap-on's tools, diagnostic and equipment
products, software and other non-financial services operations with
Financial Services on the equity method. The supplemental Financial
Services data reflects the results of operations and financial
position of Snap-on's U.S. and international financial services
operations. The financing needs of Financial Services are met
through intersegment borrowings and cash generated from Operations;
Financial Services is charged interest expense on intersegment
borrowings at market rates. Income taxes are charged to Financial
Services on the basis of the specific tax attributes generated by
the U.S. and international financial services businesses.
Transactions between the Operations and Financial Services
businesses were eliminated to arrive at the Condensed Consolidated
Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
SNAP-ON INCORPORATED
|
Non-GAAP Supplemental Consolidating Data - Condensed Statements
of Earnings
|
(Amounts in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations*
|
|
Financial Services
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
|
|
|
Sept. 30,
|
|
Oct. 1,
|
|
Sept. 30,
|
|
Oct. 1,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
903.8
|
|
|
$
|
834.1
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Cost of goods sold
|
|
|
(455.2
|
)
|
|
|
(415.0
|
)
|
|
|
-
|
|
|
|
-
|
|
Gross profit
|
|
|
448.6
|
|
|
|
419.1
|
|
|
|
-
|
|
|
|
-
|
|
Operating expenses
|
|
|
(295.5
|
)
|
|
|
(261.5
|
)
|
|
|
-
|
|
|
|
-
|
|
Operating earnings before financial services
|
|
|
153.1
|
|
|
|
157.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial services revenue
|
|
|
-
|
|
|
|
-
|
|
|
|
79.0
|
|
|
|
71.6
|
|
Financial services expenses
|
|
|
-
|
|
|
|
-
|
|
|
|
(23.0
|
)
|
|
|
(21.0
|
)
|
Operating earnings from financial services
|
|
|
-
|
|
|
|
-
|
|
|
|
56.0
|
|
|
|
50.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings
|
|
|
153.1
|
|
|
|
157.6
|
|
|
|
56.0
|
|
|
|
50.6
|
|
Interest expense
|
|
|
(13.1
|
)
|
|
|
(13.0
|
)
|
|
|
-
|
|
|
|
(0.1
|
)
|
Intersegment interest income (expense) - net
|
|
|
17.7
|
|
|
|
18.3
|
|
|
|
(17.7
|
)
|
|
|
(18.3
|
)
|
Other income (expense) - net
|
|
|
(2.1
|
)
|
|
|
(0.9
|
)
|
|
|
-
|
|
|
|
0.1
|
|
Earnings before income taxes and equity earnings
|
|
|
155.6
|
|
|
|
162.0
|
|
|
|
38.3
|
|
|
|
32.3
|
|
Income tax expense
|
|
|
(43.2
|
)
|
|
|
(47.7
|
)
|
|
|
(14.0
|
)
|
|
|
(11.9
|
)
|
Earnings before equity earnings
|
|
|
112.4
|
|
|
|
114.3
|
|
|
|
24.3
|
|
|
|
20.4
|
|
Financial services - net earnings
|
|
|
|
|
|
|
|
|
|
attributable to Snap-on
|
|
|
24.3
|
|
|
|
20.4
|
|
|
|
-
|
|
|
|
-
|
|
Equity earnings, net of tax
|
|
|
0.4
|
|
|
|
0.5
|
|
|
|
-
|
|
|
|
-
|
|
Net earnings
|
|
|
137.1
|
|
|
|
135.2
|
|
|
|
24.3
|
|
|
|
20.4
|
|
Net earnings attributable to noncontrolling interests
|
|
|
(3.7
|
)
|
|
|
(3.5
|
)
|
|
|
-
|
|
|
|
-
|
|
Net earnings attributable to Snap-on
|
|
$
|
133.4
|
|
|
$
|
131.7
|
|
|
$
|
24.3
|
|
|
$
|
20.4
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Snap-on with Financial Services on the equity method.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SNAP-ON INCORPORATED
|
Non-GAAP Supplemental Consolidating Data - Condensed Statements
of Earnings
|
(Amounts in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations*
|
|
Financial Services
|
|
|
|
|
Nine Months Ended
|
|
Nine Months Ended
|
|
|
|
|
Sept. 30,
|
|
Oct. 1,
|
|
Sept. 30,
|
|
Oct. 1,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
2,712.3
|
|
|
$
|
2,540.6
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Cost of goods sold
|
|
|
(1,352.7
|
)
|
|
|
(1,274.9
|
)
|
|
|
-
|
|
|
|
-
|
|
Gross profit
|
|
|
1,359.6
|
|
|
|
1,265.7
|
|
|
|
-
|
|
|
|
-
|
|
Operating expenses
|
|
|
(853.3
|
)
|
|
|
(786.3
|
)
|
|
|
-
|
|
|
|
-
|
|
Operating earnings before financial services
|
|
|
506.3
|
|
|
|
479.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial services revenue
|
|
|
-
|
|
|
|
-
|
|
|
|
233.5
|
|
|
|
207.2
|
|
Financial services expenses
|
|
|
-
|
|
|
|
-
|
|
|
|
(70.4
|
)
|
|
|
(60.1
|
)
|
Operating earnings from financial services
|
|
|
-
|
|
|
|
-
|
|
|
|
163.1
|
|
|
|
147.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings
|
|
|
506.3
|
|
|
|
479.4
|
|
|
|
163.1
|
|
|
|
147.1
|
|
Interest expense
|
|
|
(38.6
|
)
|
|
|
(38.8
|
)
|
|
|
(0.2
|
)
|
|
|
(0.3
|
)
|
Intersegment interest income (expense) - net
|
|
|
53.1
|
|
|
|
53.9
|
|
|
|
(53.1
|
)
|
|
|
(53.9
|
)
|
Other income (expense) - net
|
|
|
(5.7
|
)
|
|
|
(0.4
|
)
|
|
|
-
|
|
|
|
0.1
|
|
Earnings before income taxes and equity earnings
|
|
|
515.1
|
|
|
|
494.1
|
|
|
|
109.8
|
|
|
|
93.0
|
|
Income tax expense
|
|
|
(146.6
|
)
|
|
|
(145.1
|
)
|
|
|
(40.5
|
)
|
|
|
(34.3
|
)
|
Earnings before equity earnings
|
|
|
368.5
|
|
|
|
349.0
|
|
|
|
69.3
|
|
|
|
58.7
|
|
Financial services - net earnings
|
|
|
|
|
|
|
|
|
|
attributable to Snap-on
|
|
|
69.3
|
|
|
|
58.7
|
|
|
|
-
|
|
|
|
-
|
|
Equity earnings, net of tax
|
|
|
1.2
|
|
|
|
2.2
|
|
|
|
-
|
|
|
|
-
|
|
Net earnings
|
|
|
439.0
|
|
|
|
409.9
|
|
|
|
69.3
|
|
|
|
58.7
|
|
Net earnings attributable to noncontrolling interests
|
|
|
(10.8
|
)
|
|
|
(9.8
|
)
|
|
|
-
|
|
|
|
-
|
|
Net earnings attributable to Snap-on
|
|
$
|
428.2
|
|
|
$
|
400.1
|
|
|
$
|
69.3
|
|
|
$
|
58.7
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Snap-on with Financial Services on the equity method.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SNAP-ON INCORPORATED
|
Non-GAAP Supplemental Consolidating Data - Condensed Balance
Sheets
|
(Amounts in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations*
|
|
Financial Services
|
|
|
|
|
|
|
Sept. 30,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
Dec. 31,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
93.9
|
|
$
|
77.5
|
|
$
|
0.2
|
|
$
|
0.1
|
|
Intersegment receivables
|
|
|
21.0
|
|
|
15.0
|
|
|
-
|
|
|
-
|
|
Trade and other accounts receivable - net
|
|
|
674.6
|
|
|
598.2
|
|
|
0.6
|
|
|
0.6
|
|
Finance receivables - net
|
|
|
-
|
|
|
-
|
|
|
505.8
|
|
|
472.5
|
|
Contract receivables - net
|
|
|
8.3
|
|
|
7.9
|
|
|
91.5
|
|
|
80.2
|
|
Inventories - net
|
|
|
649.9
|
|
|
530.5
|
|
|
-
|
|
|
-
|
|
Prepaid expenses and other assets
|
|
|
127.6
|
|
|
122.4
|
|
|
0.8
|
|
|
1.1
|
|
|
Total current assets
|
|
|
1,575.3
|
|
|
1,351.5
|
|
|
598.9
|
|
|
554.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment - net
|
|
|
472.6
|
|
|
423.8
|
|
|
1.6
|
|
|
1.4
|
|
Investment in Financial Services
|
|
|
311.6
|
|
|
288.7
|
|
|
-
|
|
|
-
|
|
Deferred income tax assets
|
|
|
55.2
|
|
|
49.1
|
|
|
26.0
|
|
|
23.7
|
|
Intersegment long-term notes receivable
|
|
|
553.0
|
|
|
584.7
|
|
|
-
|
|
|
-
|
|
Long-term finance receivables - net
|
|
|
-
|
|
|
-
|
|
|
1,018.6
|
|
|
934.5
|
|
Long-term contract receivables - net
|
|
|
11.2
|
|
|
11.2
|
|
|
299.2
|
|
|
275.5
|
|
Goodwill
|
|
|
924.0
|
|
|
895.5
|
|
|
-
|
|
|
-
|
|
Other intangibles - net
|
|
|
258.3
|
|
|
184.6
|
|
|
-
|
|
|
-
|
|
Other assets
|
|
|
52.6
|
|
|
47.9
|
|
|
-
|
|
|
0.1
|
Total assets
|
|
$
|
4,213.8
|
|
$
|
3,837.0
|
|
$
|
1,944.3
|
|
$
|
1,789.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
Notes payable and current maturities of long-term debt
|
|
$
|
203.4
|
|
$
|
151.4
|
|
$
|
250.0
|
|
$
|
150.0
|
|
Accounts payable
|
|
|
203.4
|
|
|
170.3
|
|
|
1.3
|
|
|
0.6
|
|
Intersegment payables
|
|
|
-
|
|
|
-
|
|
|
21.0
|
|
|
15.0
|
|
Accrued benefits
|
|
|
47.7
|
|
|
52.8
|
|
|
0.1
|
|
|
-
|
|
Accrued compensation
|
|
|
72.2
|
|
|
85.7
|
|
|
2.6
|
|
|
4.1
|
|
Franchisee deposits
|
|
|
76.1
|
|
|
66.7
|
|
|
-
|
|
|
-
|
|
Other accrued liabilities
|
|
|
338.9
|
|
|
292.1
|
|
|
34.5
|
|
|
22.8
|
|
|
Total current liabilities
|
|
|
941.7
|
|
|
819.0
|
|
|
309.5
|
|
|
192.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt and intersegment long-term debt
|
|
|
-
|
|
|
-
|
|
|
1,308.0
|
|
|
1,293.5
|
|
Deferred income tax liabilities
|
|
|
28.5
|
|
|
13.1
|
|
|
-
|
|
|
-
|
|
Retiree health care benefits
|
|
|
34.3
|
|
|
36.7
|
|
|
-
|
|
|
-
|
|
Pension liabilities
|
|
|
181.8
|
|
|
246.5
|
|
|
-
|
|
|
-
|
|
Other long-term liabilities
|
|
|
87.5
|
|
|
86.5
|
|
|
15.2
|
|
|
15.0
|
|
|
Total liabilities
|
|
|
1,273.8
|
|
|
1,201.8
|
|
|
1,632.7
|
|
|
1,501.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity attributable to Snap-on
|
|
|
2,921.8
|
|
|
2,617.2
|
|
|
311.6
|
|
|
288.7
|
|
Noncontrolling interests
|
|
|
18.2
|
|
|
18.0
|
|
|
-
|
|
|
-
|
|
|
Total equity
|
|
|
2,940.0
|
|
|
2,635.2
|
|
|
311.6
|
|
|
288.7
|
Total liabilities and equity
|
|
$
|
4,213.8
|
|
$
|
3,837.0
|
|
$
|
1,944.3
|
|
$
|
1,789.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Snap-on with Financial Services on the equity method.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SNAP-ON INCORPORATED
|
Reconciliation of Non-GAAP Financial Measures
|
(Amounts in millions, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
|
Sept. 30,
|
|
Oct. 1,
|
|
Sept. 30,
|
|
Oct. 1,
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
AS REPORTED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge related to a judgment in an
|
|
|
|
|
|
|
|
|
|
|
|
employment-related litigation matter that
|
|
|
|
|
|
|
|
|
|
|
|
is being appealed ("legal charge")
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax legal charge
|
|
$
|
15.0
|
|
|
$
|
-
|
|
|
$
|
15.0
|
|
|
$
|
-
|
|
|
|
|
Income tax expense
|
|
|
(5.7
|
)
|
|
|
-
|
|
|
|
(5.7
|
)
|
|
|
-
|
|
|
|
|
Legal charge, net of tax
|
|
$
|
9.3
|
|
|
$
|
-
|
|
|
$
|
9.3
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding - diluted
|
|
|
58.3
|
|
|
|
59.3
|
|
|
|
58.9
|
|
|
|
59.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - legal charge
|
|
$
|
0.16
|
|
|
$
|
-
|
|
|
$
|
0.16
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED INFORMATION - NON-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
)
|
|
Operating earnings before financial services
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
|
$
|
153.1
|
|
|
$
|
157.6
|
|
|
$
|
506.3
|
|
|
$
|
479.4
|
|
|
|
|
Legal charge
|
|
|
15.0
|
|
|
|
-
|
|
|
|
15.0
|
|
|
|
-
|
|
|
|
|
As adjusted to exclude legal charge
|
|
$
|
168.1
|
|
|
$
|
157.6
|
|
|
$
|
521.3
|
|
|
$
|
479.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings before financial services
|
|
|
|
|
|
|
|
|
|
|
|
as a percentage of sales
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
|
|
16.9
|
%
|
|
|
18.9
|
%
|
|
|
18.7
|
%
|
|
|
18.9
|
%
|
|
|
|
As adjusted to exclude legal charge
|
|
|
18.6
|
%
|
|
|
18.9
|
%
|
|
|
19.2
|
%
|
|
|
18.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
)
|
|
Operating earnings
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
|
$
|
209.1
|
|
|
$
|
208.2
|
|
|
$
|
669.4
|
|
|
$
|
626.5
|
|
|
|
|
Legal charge
|
|
|
15.0
|
|
|
|
-
|
|
|
|
15.0
|
|
|
|
-
|
|
|
|
|
As adjusted to exclude legal charge
|
|
$
|
224.1
|
|
|
$
|
208.2
|
|
|
$
|
684.4
|
|
|
$
|
626.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings as a percentage of revenue
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
|
|
21.3
|
%
|
|
|
23.0
|
%
|
|
|
22.7
|
%
|
|
|
22.8
|
%
|
|
|
|
As adjusted to exclude legal charge
|
|
|
22.8
|
%
|
|
|
23.0
|
%
|
|
|
23.2
|
%
|
|
|
22.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
)
|
|
Net earnings attributable to Snap-on Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
|
$
|
133.4
|
|
|
$
|
131.7
|
|
|
$
|
428.2
|
|
|
$
|
400.1
|
|
|
|
|
Legal charge
|
|
|
9.3
|
|
|
|
-
|
|
|
|
9.3
|
|
|
|
-
|
|
|
|
|
As adjusted to exclude legal charge
|
|
$
|
142.7
|
|
|
$
|
131.7
|
|
|
$
|
437.5
|
|
|
$
|
400.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
)
|
|
Diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
|
$
|
2.29
|
|
|
$
|
2.22
|
|
|
$
|
7.27
|
|
|
$
|
6.74
|
|
|
|
|
Diluted EPS - legal charge
|
|
|
0.16
|
|
|
|
-
|
|
|
|
0.16
|
|
|
|
-
|
|
|
|
|
As adjusted to exclude legal charge
|
|
$
|
2.45
|
|
|
$
|
2.22
|
|
|
$
|
7.43
|
|
|
$
|
6.74
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171019005366/en/
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