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Snap-On Incorporated (SNA-0.93%) has submitted its Form 10-K filing for the fiscal year ended December 28, 2024.
The filing includes financial statements showing net sales of $4,707.4 million, a slight decrease from $4,730.2 million in the previous year. This decrease is attributed to a decline in organic sales and unfavorable foreign currency translation, partially offset by acquisition-related sales.
Operating earnings before financial services were $1,068.8 million, up from $1,039.9 million in the previous year. The increase was partly due to benefits from the company's Rapid Continuous Improvement initiatives and lower material costs.
Net earnings attributable to Snap-On were $1,043.9 million, or $19.51 per diluted share, compared to $1,011.1 million, or $18.76 per diluted share, in the previous year. This increase includes an after-tax benefit from legal payments received during the year.
The Commercial & Industrial Group reported segment net sales of $1,476.8 million, a 1.3% increase from the previous year, driven by mid single-digit gains in sales to critical industries.
The Snap-On Tools Group experienced a 4.8% decline in segment net sales to $1,989.2 million, primarily due to a mid single-digit decline in the U.S. market.
The Repair Systems & Information Group saw a 0.9% increase in segment net sales to $1,797.9 million, with growth in OEM dealership activity.
Financial Services revenue increased to $401.0 million, up from $378.1 million in the previous year, with operating earnings from financial services rising to $276.9 million.
Snap-On's balance sheet shows cash and cash equivalents of $1,360.5 million, an increase from $1,001.5 million at the end of the previous year, reflecting strong cash flow from operations.
The company repurchased 952,000 shares of its common stock for $290.0 million and paid $406.4 million in dividends to shareholders during the fiscal year.
Snap-On's management highlighted its ongoing strategic priorities, including enhancing its franchise network, expanding customer connections, and focusing on innovation and operational efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Snap-On Incorporated annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.