Q1 2019 reported diluted EPS of $3.16, up
12.1% from Q1 2018;Q1 2019 adjusted diluted EPS of
$3.01, excluding $0.15 benefit from a legal settlement,
up 7.9% from Q1 2018 adjusted diluted EPS
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 first
quarter of 2019.
- Net sales of $921.7 million in the
quarter decreased $13.8 million, or 1.5%, from 2018 levels;
reflecting a $12.3 million, or 1.4%, organic sales increase, more
than offset by $26.1 million of unfavorable foreign currency
translation.
- Operating earnings before financial
services in the quarter of $187.4 million, or 20.3% of sales,
included an $11.6 million benefit from the settlement of a
patent-related litigation matter that was being appealed (the
“legal settlement”) and $5.7 million of unfavorable foreign
currency effects, compared to $177.7 million, or 19.0% of sales,
last year. Excluding the legal settlement, operating earnings
before financial services, as adjusted, in the first quarter of
2019 were $175.8 million, or 19.1% of sales.
- Financial services revenue in the
quarter of $85.6 million increased $2.6 million from 2018 levels;
financial services operating earnings of $62.1 million increased
$5.2 million from $56.9 million last year.
- Consolidated operating earnings in the
quarter of $249.5 million, or 24.8% of revenues (net sales plus
financial services revenue), compared to $234.6 million, or 23.0%
of revenues, last year. Excluding the legal settlement,
consolidated operating earnings, as adjusted, in the first quarter
of 2019 were $237.9 million, or 23.6% of revenues.
- Other income (expense) – net in the
quarter of $1.5 million of income compares to $2.8 million of
income in 2018, which included a net gain of $5.5 million related
to the issuance and extinguishment of debt (the “net debt
items”).
- The first quarter 2019 effective income
tax rate of 24.3% was increased by 10 basis points from the legal
settlement. The first quarter 2018 effective income tax rate of
26.2% was increased by 120 basis points as a result of a $2.6
million charge related to the implementation of U.S. tax
legislation (the “tax charge”). Excluding the tax charge in 2018,
the effective tax rate, as adjusted, was 25.0%.
- Reported net earnings in the first
quarter of 2019 of $177.9 million, or $3.16 per diluted share,
compared to $163.0 million, or $2.82 per diluted share, a year ago.
Excluding the legal settlement in 2019, and the net debt items and
tax charge in 2018, net earnings, as adjusted, were $169.2 million,
or $3.01 per diluted share, in 2019, and $161.5 million, or $2.79
per diluted share, last year.
See “Non-GAAP Measures” below for a definition of, and further
explanation about, organic sales and measures, as adjusted,
excluding the legal settlement, net debt items and tax charge.
At the beginning of fiscal 2019, Snap-on adopted ASU No.
2016-02, Leases (Topic 842). The adoption did not have a
significant impact on the company’s consolidated financial
statements. The adoption resulted in the recognition of
right-of-use assets and lease liabilities for operating leases in
the Condensed Consolidated Balance Sheets of $60.5 million, while
accounting for finance leases and lessor accounting remained
substantially unchanged. The adoption did not have any impact on
the Condensed Consolidated Statement of Earnings.
“We are encouraged by our first quarter 2019 results, which
included a continuing recovery in our U.S. franchise network, with
a mid single-digit sales gain in that operation,” said Nick
Pinchuk, Snap-on chairman and chief executive officer. “Our
advancements in the quarter, despite uncertainty in several
geographies, demonstrated progress along our runways for growth and
reflects the strength of Snap-on’s value proposition of making work
easier for serious professionals in both critical industries and
vehicle repair. At the same time, year-over-year growth in earnings
per diluted share reflects the ongoing effectiveness of our Snap-on
Value Creation Processes and the opportunities available in our end
markets. Finally, our progress would not have been possible without
the dedication and capability of our franchisees and associates,
and I thank them for their commitment and their contributions.”
Segment Results
Commercial & Industrial Group segment sales of $322.5
million in the quarter decreased $9.1 million, or 2.7%, from 2018
levels, reflecting a $4.7 million, or 1.5%, organic sales gain,
more than offset by $13.8 million of unfavorable foreign currency
translation. The organic sales increase includes higher sales in
the segment’s specialty tools business, as well as increases with
customers in critical industries, partially offset by lower sales
in the segment’s Asia Pacific operations.
Operating earnings of $46.5 million in the period, including
$1.1 million of unfavorable foreign currency effects, were
unchanged from 2018 levels, while the operating margin (operating
earnings as a percentage of segment sales) of 14.4% compared to
14.0% a year ago.
Snap-on Tools Group segment sales of $410.2 million in
the quarter increased $5.5 million, or 1.4%, from 2018 levels,
reflecting an $11.7 million, or 2.9%, organic sales increase,
partially offset by $6.2 million of unfavorable foreign currency
translation. The organic sales increase includes higher sales in
the U.S. franchise operations, partially offset by a decrease in
the segment’s international operations.
Operating earnings of $67.2 million in the period, including
$3.1 million of unfavorable foreign currency effects, decreased
$1.7 million from 2018 levels, and the operating margin of 16.4%
compared to 17.0% last year.
Repair Systems & Information Group segment sales of
$327.9 million in the quarter decreased $9.1 million, or 2.7%, from
2018 levels, reflecting a $1.5 million, or 0.5%, organic sales
decline and $7.6 million of unfavorable foreign currency
translation. The organic sales decrease reflects lower sales of
undercar equipment, partially offset by higher sales to OEM
dealerships.
Operating earnings of $83.6 million in the period, including
$1.5 million of unfavorable foreign currency effects, decreased
$2.2 million from 2018 levels, while the operating margin of 25.5%
was unchanged from a year ago.
Financial Services operating earnings of $62.1 million on
revenue of $85.6 million in the quarter compared to operating
earnings of $56.9 million on revenue of $83.0 million a year ago.
Originations of $252.5 million in the first quarter increased $5.2
million, or 2.1%, from 2018 levels.
Corporate expenses of $9.9 million in the quarter,
including the $11.6 million benefit from the legal settlement,
compared to $23.5 million last year.
Outlook
Snap-on expects to make continued progress in 2019 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 2019 will
be in a range of $90 million to $100 million, of which $20.2
million was incurred in the first quarter.
Snap-on currently anticipates that its full year 2019 effective
income tax rate will be comparable to its full year 2018 effective
tax rate of 24.0%.
Conference Call and Webcast on April
18, 2019, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday, April
18, 2019, 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 https://www.snapon.com/EN/Investors/Investor-Events and click
on the link to the call. 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 at
https://www.snapon.com/EN/Investors/Financial-Information/Quarterly-Earnings.
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.
For the first quarter of 2019, the company is including
operating earnings before financial services, consolidated
operating earnings, net earnings, diluted earnings per share and
its effective tax rate, all as adjusted to exclude the impact of an
$11.6 million benefit ($8.7 million after tax) from the legal
settlement.
For the first quarter of 2018, the company is including net
earnings and diluted earnings per share, both as adjusted to
exclude a net gain of $5.5 million ($4.1 million after tax)
associated with a treasury lock settlement gain of $13.3 million
related to the issuance of debt, partially offset by a $7.8 million
expense related to the early extinguishment of debt. For the first
quarter of 2018, the company is also including net earnings,
diluted earnings per share and its effective tax rate, all as
adjusted, to exclude the impact of $2.6 million of charges related
to the implementation of tax legislation.
Management believes that these are unusual events and therefore
the non-GAAP financial measures adjusted to exclude them provide
more meaningful year-over-year comparisons of the company’s 2019
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 $3.7 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 29, 2018, which are
incorporated herein by reference. 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.
SNAP-ON INCORPORATED Condensed Consolidated
Statements of Earnings (Amounts in millions, except per
share data) (unaudited)
Three Months Ended March 30, March 31,
2019 2018 Net sales $ 921.7 $ 935.5
Cost of goods sold (450.1 ) (463.9 )
Gross
profit 471.6 471.6 Operating expenses (284.2 )
(293.9 )
Operating earnings before financial services 187.4
177.7
Financial services revenue 85.6 83.0 Financial
services expenses (23.5 ) (26.1 )
Operating
earnings from financial services 62.1 56.9
Operating earnings 249.5 234.6 Interest
expense (12.5 ) (13.6 ) Other income (expense) – net 1.5
2.8
Earnings before income taxes and equity
earnings 238.5 223.8 Income tax expense (56.9 )
(57.6 )
Earnings before equity earnings 181.6 166.2 Equity
earnings, net of tax 0.5 0.6
Net
earnings 182.1 166.8 Net earnings attributable to
noncontrolling interests (4.2 ) (3.8 )
Net
earnings attributable to Snap-on Inc. $ 177.9 $ 163.0
Net earnings per share attributable to
Snap-on Inc.: Basic $ 3.21 $ 2.87 Diluted 3.16 2.82
Weighted-average shares outstanding: Basic 55.5 56.7 Effect
of dilutive securities 0.8 1.1 Diluted
56.3 57.8
SNAP-ON INCORPORATED Supplemental Segment
Information (Amounts in millions) (unaudited)
Three Months Ended March 30, March
31, 2019 2018 Net sales: Commercial
& Industrial Group $ 322.5 $ 331.6 Snap-on Tools Group 410.2
404.7 Repair Systems & Information Group 327.9
337.0
Segment net sales 1,060.6 1,073.3
Intersegment eliminations (138.9 ) (137.8 )
Total
net sales $ 921.7 $ 935.5 Financial Services revenue
85.6 83.0
Total revenues $ 1,007.3
$ 1,018.5
Operating earnings:
Commercial & Industrial Group $ 46.5 $ 46.5 Snap-on Tools Group
67.2 68.9 Repair Systems & Information Group 83.6 85.8
Financial Services 62.1 56.9
Segment
operating earnings 259.4 258.1 Corporate (9.9 )
(23.5 )
Operating earnings $ 249.5 $ 234.6 Interest expense
(12.5 ) (13.6 ) Other income (expense) – net 1.5
2.8
Earnings before income taxes and equity
earnings $ 238.5 $ 223.8
SNAP-ON
INCORPORATED Condensed Consolidated Balance Sheets
(Amounts in millions) (unaudited)
March 30, December 29, 2019 2018
Assets Cash and cash equivalents $ 156.4 $ 140.9
Trade and other accounts receivable – net 675.3 692.6 Finance
receivables – net 525.9 518.5 Contract receivables – net 92.9 98.3
Inventories – net 707.0 673.8 Prepaid expenses and other assets
107.8 92.8 Total current assets 2,265.3
2,216.9 Property and equipment – net 497.0 495.1 Operating
lease right-of-use asset 55.4 - Deferred income tax assets 71.3
64.7 Long-term finance receivables – net 1,077.1 1,074.4 Long-term
contract receivables – net 345.1 344.9 Goodwill 900.9 902.2 Other
intangibles – net 230.5 232.9 Other assets 48.3
42.0
Total assets $ 5,490.9 $ 5,373.1
Liabilities and Equity Notes payable $ 142.5 $
186.3 Accounts payable 200.4 201.1 Accrued benefits 53.8 52.0
Accrued compensation 61.8 71.5 Franchisee deposits 68.5 67.5 Other
accrued liabilities 409.0 373.6 Total
current liabilities 936.0 952.0 Long-term debt 946.7 946.0
Deferred income tax liabilities 55.1 41.4 Retiree health care
benefits 31.2 31.8 Pension liabilities 156.5 171.3 Operating lease
liabilities 36.6 - Other long-term liabilities 111.0
112.0
Total liabilities 2,273.1
2,254.5
Equity Shareholders' equity
attributable to Snap-on Inc. Common stock 67.4 67.4 Additional
paid-in capital 361.3 359.4 Retained earnings 4,428.4 4,257.6
Accumulated other comprehensive loss (496.4 ) (462.2 ) Treasury
stock at cost (1,163.1 ) (1,123.4 )
Total
shareholders' equity attributable to Snap-on Inc. 3,197.6
3,098.8 Noncontrolling interests 20.2 19.8
Total equity 3,217.8 3,118.6
Total liabilities and equity $ 5,490.9 $
5,373.1
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows (Amounts
in millions) (unaudited) Three Months
Ended March 30, March 31, 2019 2018
Operating activities: Net earnings $ 182.1 $ 166.8
Adjustments to reconcile net earnings to
net cash provided (used) by operating activities:
Depreciation 17.2 17.4 Amortization of other intangibles 5.4 6.6
Provision for losses on finance receivables 12.5 15.8 Provision for
losses on non-finance receivables 5.0 2.0 Stock-based compensation
expense 7.3 6.7 Deferred income tax provision 5.4 0.4 Loss (gain)
on sales of assets 0.3 (0.1 ) Loss on early extinguishment of debt
- 7.8 Changes in operating assets and liabilities, net of effects
of acquisitions: Decrease in trade and other accounts receivable
14.8 1.6 Decrease in contract receivables 6.1 2.2 Increase in
inventories (33.2 ) (10.2 ) Increase in prepaid and other assets
(19.7 ) - Increase in accounts payable 1.8 9.5 Increase (decrease)
in accruals and other liabilities (3.7 ) 5.4
Net cash provided by operating activities 201.3 231.9
Investing activities: Additions to finance receivables
(210.5 ) (205.6 ) Collections of finance receivables 191.9 189.1
Capital expenditures (20.2 ) (18.0 ) Acquisitions of businesses,
net of cash acquired (1.3 ) (3.0 ) Disposals of property and
equipment 0.2 0.4 Other 1.2 -
Net
cash used by investing activities (38.7 ) (37.1 )
Financing activities: Proceeds from issuance of long-term
debt - 395.4 Repayments of long-term debt - (457.8 ) Repayments of
notes payable - (16.8 ) Net decrease in other short-term borrowings
(43.8 ) (21.1 ) Cash dividends paid (52.8 ) (46.5 ) Purchases of
treasury stock (47.4 ) (43.5 ) Proceeds from stock purchase and
option plans 4.8 11.5 Other (8.4 ) (11.7 )
Net
cash used by financing activities (147.6 ) (190.5 )
Effect of exchange rate changes on cash and cash equivalents
0.5 1.2
Increase in cash and cash
equivalents 15.5 5.5 Cash and cash equivalents at
beginning of year 140.9 92.0
Cash
and cash equivalents at end of period $ 156.4 $ 97.5
Supplemental cash flow disclosures: Cash paid
for interest $ (21.6 ) $ (26.3 ) Net cash paid for income taxes
(18.4 ) (11.4 )
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 - Supplemental
Condensed Statements of Earnings (Amounts in millions)
(unaudited) Operations* Financial
Services March 30, March 31, March 30,
March 31, 2019 2018 2019 2018
Net sales $ 921.7 $ 935.5 $ - $ - Cost of goods sold
(450.1 ) (463.9 ) - -
Gross profit 471.6 471.6 - - Operating expenses
(284.2 ) (293.9 ) - -
Operating earnings before financial services 187.4 177.7 - -
Financial services revenue - - 85.6 83.0 Financial
services expenses - - (23.5 )
(26.1 )
Operating earnings from financial services
- - 62.1 56.9
Operating earnings 187.4 177.7 62.1 56.9
Interest expense (12.5 ) (13.5 ) - (0.1 ) Intersegment interest
income (expense) – net 17.7 18.9 (17.7 ) (18.9 ) Other income
(expense) – net 1.5 2.8 -
-
Earnings before income taxes and equity
earnings 194.1 185.9 44.4 37.9 Income tax expense (45.4
) (47.8 ) (11.5 ) (9.8 )
Earnings before
equity earnings 148.7 138.1 32.9 28.1
Financial services –
net earnings attributable to Snap-on 32.9 28.1 - -
Equity earnings, net of tax 0.5 0.6
- -
Net earnings 182.1 166.8
32.9 28.1 Net earnings attributable to noncontrolling interests
(4.2 ) (3.8 ) - -
Net
earnings attributable to Snap-on $ 177.9 $ 163.0
$ 32.9 $ 28.1
* Snap-on with Financial Services on the
equity method.
SNAP-ON INCORPORATED Non-GAAP
Supplemental Consolidating Data - Supplemental Condensed Balance
Sheets (Amounts in millions) (unaudited)
Operations* Financial Services March
30, December 29, March 30, December 29,
2019 2018 2019 2018
Assets Cash and cash equivalents $ 156.2 $ 140.5 $ 0.2 $ 0.4
Intersegment receivables 15.0 15.1 - - Trade and other accounts
receivable – net 674.5 692.1 0.8 0.5 Finance receivables – net - -
525.9 518.5 Contract receivables – net 6.8 6.6 86.1 91.7
Inventories – net 707.0 673.8 - - Prepaid expenses and other assets
107.6 100.2 8.2 0.5 Total current
assets 1,667.1 1,628.3 621.2 611.6 Property and equipment –
net 495.3 493.5 1.7 1.6 Operating lease right-of-use asset 53.6 -
1.8 - Investment in Financial Services 330.8 329.5 - - Deferred
income tax assets 53.0 45.8 18.3 18.9 Intersegment long-term notes
receivable 707.0 701.3 - - Long-term finance receivables – net - -
1,077.1 1,074.4 Long-term contract receivables – net 12.4 11.9
332.7 333.0 Goodwill 900.9 902.2 - - Other intangibles – net 230.5
232.9 - - Other assets 58.3 51.9 0.1
0.1
Total assets $ 4,508.9 $ 4,397.3 $ 2,052.9 $ 2,039.6
Liabilities and Equity Notes payable $ 142.5 $ 186.3
$ - $ - Accounts payable 199.4 199.6 1.0 1.5 Intersegment payables
- - 15.0 15.1 Accrued benefits 53.8 52.0 - - Accrued compensation
60.4 66.8 1.4 4.7 Franchisee deposits 68.5 67.5 - - Other accrued
liabilities 383.2 355.4 33.8 26.1 Total
current liabilities 907.8 927.6 51.2 47.4 Long-term debt and
intersegment long-term debt - - 1,653.7 1,647.3 Deferred income tax
liabilities 55.1 41.4 - - Retiree health care benefits 31.2 31.8 -
- Pension liabilities 156.5 171.3 - - Operating lease liabilities
34.9 - 1.7 - Other long-term liabilities 105.6 106.6
15.5 15.4
Total liabilities 1,291.1
1,278.7 1,722.1 1,710.1
Total
shareholders' equity attributable to Snap-on 3,197.6 3,098.8
330.8 329.5 Noncontrolling interests 20.2 19.8
- -
Total equity 3,217.8 3,118.6
330.8 329.5
Total liabilities and equity $ 4,508.9 $
4,397.3 $ 2,052.9 $ 2,039.6
* 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 March 30, March 31,
2019 2018
AS
REPORTED
Benefit related to the settlement of a litigation
matter ("legal settlement") Pre-tax legal settlement $ 11.6
$ - Income tax expense (2.9 ) - Legal
settlement, after tax $ 8.7 $ -
Weighted-average shares outstanding - diluted 56.3 57.8
Diluted EPS - legal settlement $ 0.15 $ -
Debt-related items ("net debt items") Gain
on settlement of treasury lock (A) Gain on settlement of
treasury lock $ - $ 13.3 Income tax expense -
(3.3 ) Gain on settlement of treasury lock, after tax $ - $
10.0
Weighted-average shares outstanding -
diluted 56.3 57.8
Diluted EPS - gain on settlement of
treasury lock $ - $ 0.17
Loss on early
extinguishment of debt (B) Loss on early extinguishment of debt
$ - $ (7.8 ) Income tax benefit - 1.9
Loss on early extinguishment of debt, after tax $ - $ (5.9 )
Weighted-average shares outstanding - diluted 56.3
57.8
Diluted EPS - loss on early extinguishment of
debt $ - $ (0.10 )
Net debt items (A + B)
Net debt items $ - $ 5.5 Income tax expense -
(1.4 ) Net debt items, after tax $ - $ 4.1
Weighted-average shares outstanding - diluted 56.3 57.8
Diluted EPS - net debt items $ - $ 0.07
Charge related to implementation of tax
legislation ("tax charge") Tax charge $ - $ (2.6 )
Weighted-average shares outstanding - diluted 56.3
57.8
Diluted EPS - tax charge $ - $ (0.04 )
SNAP-ON INCORPORATED Reconciliation of
Non-GAAP Financial Measures (continued) (Amounts in
millions, except per share data) (unaudited)
Three Months Ended March 30,
March 31, 2019 2018
ADJUSTED
INFORMATION - NON-GAAP
1 )
Operating earnings before financial services As
reported $ 187.4 $ 177.7 Legal settlement (11.6 ) -
As adjusted $ 175.8 $ 177.7
Operating earnings before financial services as a
percentage of sales As reported 20.3 % 19.0 % As adjusted 19.1
% 19.0 % 2 )
Operating earnings As reported $ 249.5 $
234.6 Legal settlement (11.6 ) - As adjusted $
237.9 $ 234.6
Operating earnings as a
percentage of revenue As reported 24.8 % 23.0 % As adjusted
23.6 % 23.0 % 3 )
Net earnings attributable to Snap-on
Incorporated As reported $ 177.9 $ 163.0 Legal settlement,
after tax (8.7 ) - Net debt items, after tax - (4.1 ) Tax charge
- 2.6 As adjusted $ 169.2 $
161.5 4 )
Diluted EPS As reported $ 3.16 $
2.82 Legal settlement, after tax (0.15 ) - Net debt items, after
tax - (0.07 ) Tax charge - 0.04 As
adjusted $ 3.01 $ 2.79 5 )
Effective tax
rate As reported 24.3 % 26.2 % Legal settlement
(0.1
)%
- Tax charge -
(1.2
)%
As adjusted 24.2 % 25.0 %
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Investors:Sara Verbsky262/656-4869
Media:Samuel Bottum262/656-5793
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