First quarter reported net sales of $935.5
million up 5.5%;
Organic net sales up 0.8%;
First quarter reported diluted EPS of
$2.82;
Non-GAAP adjusted diluted EPS of $2.79
excludes $0.07 net gain related to net debt items and $0.04 charge
related to U.S. tax legislation
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 2018.
- Net sales of $935.5 million in the
quarter increased $48.4 million, or 5.5%, from 2017 levels,
reflecting a $7.2 million, or 0.8%, organic sales gain, $14.3
million of acquisition-related sales, and $26.9 million of
favorable foreign currency translation.
- Operating earnings before financial
services in the quarter of $177.7 million, or 19.0% of sales,
compared to $170.2 million, or 19.2% of sales, last year.
- Financial services revenue in the
quarter of $83.0 million increased $6.2 million from 2017 levels;
financial services operating earnings of $56.9 million increased
$4.4 million from $52.5 million last year.
- Consolidated operating earnings in the
quarter of $234.6 million, or 23.0% of revenues (net sales plus
financial services revenue), compared to $222.7 million, or 23.1%
of revenues, last year.
- Other income (expense) - net includes a
net gain of $5.5 million associated with a treasury lock settlement
gain of $13.3 million related to the issuance of debt, partially
offset by $7.8 million of expense related to the early
extinguishment of debt (together “net debt items”).
- The first quarter effective income tax
rate of 26.2% in 2018 was increased by 120 basis points as a result
of an additional $2.6 million charge related to the implementation
of U.S. tax legislation (“tax charge”). Excluding the tax charge,
the effective tax rate, as adjusted, was 25.0%. The first quarter
effective income tax rate was 30.7% in 2017.
- Net earnings in the first quarter of
2018 were $163.0 million, or $2.82 per diluted share, compared to
net earnings of $141.6 million, or $2.39 per diluted share a year
ago. Excluding the above-mentioned net debt items and tax charge,
net earnings, as adjusted, were $161.5 million in 2018, or $2.79
per diluted share.
See “Non-GAAP Measures” below for a definition of, and further
explanation about, organic sales and measures, as adjusted,
excluding the net debt items and tax charge.
At the beginning of fiscal 2018, Snap-on adopted ASU No.
2014-09, Revenue from Contracts with Customers (Topic 606). The
adoption did not have a significant impact on the company’s
consolidated financial statements. Among the changes, the adoption
resulted in an increase in inventories – net in the Condensed
Consolidated Balance Sheets of $20.9 million, but did not have any
impact on the Condensed Consolidated Statements of Earnings.
At the beginning of fiscal 2018, Snap-on also adopted ASU No.
2017-07, Compensation – Retirement Benefits (Topic 715) – Improving
the Presentation of Net Periodic Pension Cost and Net Periodic
Postretirement Benefit Cost. The ASU requires changes be applied
retrospectively; as such, certain prior period year amounts have
been restated to reflect this adoption and conform to the 2018
presentation.
“We are encouraged with our first quarter 2018 results, which
were achieved despite continuing headwinds in the Snap-on Tools
Group,” said Nick Pinchuk, Snap-on chairman and chief executive
officer. “Net sales growth in both the Commercial and Industrial
Group and the Repair Systems and Information Group provides ongoing
validation of the fundamental strength of Snap-on’s value
proposition of making work easier for serious professionals and
demonstrates continued progress along our defined runways for
coherent growth. At the same time, year-over-year growth in
earnings per diluted share reflects both the ongoing commitment to
our Snap-on Value Creation Processes and the benefits for our
corporation of the new tax legislation in the United States.
Finally, these results would not have been possible without the
dedication and capability of our franchisees and associates
worldwide; I thank them for their continuing commitment and
extraordinary contributions.”
Segment Results
Commercial & Industrial Group segment sales of $331.6
million in the quarter increased $32.9 million, or 11.0%, from 2017
levels, reflecting a $6.0 million, or 1.9%, organic sales gain,
$13.6 million of acquisition-related sales, and $13.3 million of
favorable foreign currency translation. The organic sales increase
primarily includes higher sales to customers in critical industries
as well as gains in the segment’s European-based hand tools
business and Asia/Pacific operations, partially offset by lower
sales of power tools.
Operating earnings of $46.5 million in the period increased $4.6
million from 2017 levels, and the operating margin (operating
earnings as a percentage of segment sales) of 14.0% was unchanged
from 2017.
Snap-on Tools Group segment sales of $404.7 million in
the quarter decreased $4.7 million, or 1.1%, from 2017 levels,
reflecting an $11.4 million, or 2.7%, organic sales decline,
partially offset by $6.7 million of favorable foreign currency
translation. The organic sales decrease includes lower sales in the
company’s U.S. franchise operations, which was offset in part by
gains in the company’s international franchise operations.
Operating earnings of $68.9 million in the period decreased $1.4
million from 2017 levels, and the operating margin of 17.0%
compared to 17.2% a year ago.
Repair Systems & Information Group segment sales of
$337.0 million in the quarter increased $18.2 million, or 5.7%,
from 2017 levels, reflecting an $8.4 million, or 2.6%, organic
sales gain, $0.7 million of acquisition-related sales, and $9.1
million of favorable foreign currency translation. The organic
sales gain includes higher sales of diagnostic and repair
information products to independent repair shop owners and managers
and increased sales to OEM dealerships; sales of undercar equipment
were essentially flat.
Operating earnings of $85.8 million in the period increased $6.7
million from 2017 levels, and the operating margin of 25.5%
improved 70 basis points from 24.8% a year ago.
Financial Services operating earnings of $56.9 million on
revenue of $83.0 million in the quarter compared to operating
earnings of $52.5 million on revenue of $76.8 million a year ago.
Originations of $247.3 million in the first quarter decreased $17.3
million, or 6.5%, from 2017 levels.
Corporate expenses of $23.5 million in the quarter
compared to $21.1 million last year.
Outlook
Snap-on expects to make continued progress in 2018 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 2018 will
be in a range of $90 million to $100 million, of which $18.0
million was incurred in the first quarter.
As a result of the recently enacted tax legislation in the U.S.,
Snap-on currently anticipates that its full year 2018 effective
income tax rate will be in a range of 24% to 25%.
Conference Call and Webcast on April
19, 2018, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday, April
19, 2018, 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.
In addition, 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 2018, the company is also including net earnings,
diluted earnings per share and effective tax rate, all as adjusted,
to exclude the impact of an additional $2.6 million charge related
to the implementation of U.S. 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 2018 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 30, 2017, which are
incorporated herein by reference. As Snap-on further evaluates the
effects of the new U.S. tax legislation, it may recognize further
adjustments. 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
31, April 1, 2018 2017 Net
sales $ 935.5 $ 887.1 Cost of goods sold (463.9 )
(438.8 )
Gross profit 471.6 448.3 Operating expenses
(293.9 ) (278.1 )
Operating earnings before financial
services 177.7 170.2
Financial services revenue
83.0 76.8 Financial services expenses (26.1 ) (24.3 )
Operating earnings from financial services 56.9
52.5
Operating earnings 234.6
222.7 Interest expense (13.6 ) (12.7 ) Other income (expense) – net
2.8 (2.4 )
Earnings before income taxes and
equity earnings 223.8 207.6 Income tax expense (57.6 )
(62.6 )
Earnings before equity earnings 166.2 145.0
Equity earnings, net of tax 0.6 0.1
Net earnings 166.8 145.1 Net earnings attributable to
noncontrolling interests (3.8 ) (3.5 )
Net
earnings attributable to Snap-on Inc. $ 163.0 $ 141.6
Net earnings per share attributable to
Snap-on Inc.: Basic $ 2.87 $ 2.45 Diluted 2.82 2.39
Weighted-average shares outstanding: Basic 56.7 57.9 Effect
of dilutive securities 1.1 1.4 Diluted
57.8 59.3
SNAP-ON INCORPORATED
Supplemental Segment Information (Amounts in
millions) (unaudited) Three Months
Ended March 31, April 1, 2018 2017
Net sales: Commercial & Industrial Group $ 331.6
$ 298.7 Snap-on Tools Group 404.7 409.4 Repair Systems &
Information Group 337.0 318.8
Segment net sales 1,073.3 1,026.9 Intersegment eliminations
(137.8 ) (139.8 )
Total net sales $ 935.5 $
887.1 Financial Services revenue 83.0 76.8
Total revenues $ 1,018.5 $ 963.9
Operating earnings: Commercial & Industrial Group $ 46.5
$ 41.9 Snap-on Tools Group 68.9 70.3 Repair Systems &
Information Group 85.8 79.1 Financial Services 56.9
52.5
Segment operating earnings 258.1 243.8
Corporate (23.5 ) (21.1 )
Operating earnings $
234.6 $ 222.7 Interest expense (13.6 ) (12.7 ) Other income
(expense) – net 2.8 (2.4 )
Earnings before
income taxes and equity earnings $ 223.8 $ 207.6
SNAP-ON INCORPORATED Condensed Consolidated
Balance Sheets (Amounts in millions) (unaudited)
March 31, December 30, 2018
2017 Assets Cash and cash equivalents $ 97.5 $
92.0 Trade and other accounts receivable – net 680.8 675.6 Finance
receivables – net 512.2 505.4 Contract receivables – net 92.0 96.8
Inventories – net 678.8 638.8 Prepaid expenses and other assets
107.1 110.7 Total current assets
2,168.4 2,119.3 Property and equipment – net 489.7 484.4
Deferred income tax assets 52.1 52.0 Long-term finance receivables
– net 1,035.9 1,039.2 Long-term contract receivables – net 326.1
322.6 Goodwill 941.4 924.1 Other intangibles – net 251.7 253.7
Other assets 52.3 53.8
Total
assets $ 5,317.6 $ 5,249.1
Liabilities
and Equity Notes payable and current maturities of long-term
debt $ 145.2 $ 433.2 Accounts payable 188.2 178.2 Accrued benefits
53.8 55.8 Accrued compensation 62.4 71.5 Franchisee deposits 66.8
66.5 Other accrued liabilities 435.2 388.1
Total current liabilities 951.6 1,193.3 Long-term
debt 946.3 753.6 Deferred income tax liabilities 31.7 28.4 Retiree
health care benefits 35.2 36.0 Pension liabilities 146.6 158.9
Other long-term liabilities 103.9 106.6
Total liabilities 2,215.3 2,276.8
Equity Shareholders' equity attributable to
Snap-on Inc. Common stock 67.4 67.4 Additional paid-in capital
343.9 343.2 Retained earnings 3,886.7 3,772.3 Accumulated other
comprehensive loss (285.4 ) (329.0 ) Treasury stock at cost
(928.7 ) (900.0 )
Total shareholders' equity attributable
to Snap-on Inc. 3,083.9 2,953.9 Noncontrolling interests
18.4 18.4
Total equity 3,102.3
2,972.3
Total liabilities and equity $
5,317.6 $ 5,249.1
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows (Amounts
in millions) (unaudited) Three Months
Ended March 31, April 1, 2018
2017 Operating activities: Net earnings $ 166.8 $
145.1 Adjustments to reconcile net earnings to net cash provided
(used) by operating activities: Depreciation 17.4 16.0 Amortization
of other intangibles 6.6 7.1 Provision for losses on finance
receivables 15.8 13.0 Provision for losses on non-finance
receivables 2.0 2.2 Stock-based compensation expense 6.7 7.4
Deferred income tax provision 0.4 7.4 Gain on sales of assets (0.1
) (0.2 ) Settlement of treasury lock - 14.9 Loss on early
extinguishment of debt 7.8 - Changes in operating assets and
liabilities, net of effects of acquisitions: (Increase) decrease in
trade and other accounts receivable 1.6 (1.9 ) (Increase) decrease
in contract receivables 2.2 (2.1 ) Increase in inventories (10.2 )
(17.3 ) Increase in prepaid and other assets - (7.5 ) Increase in
accounts payable 9.5 20.3 Increase (decrease) in accruals and other
liabilities 5.4 (12.0 )
Net cash provided
by operating activities 231.9 192.4
Investing
activities: Additions to finance receivables (205.6 ) (227.0 )
Collections of finance receivables 189.1 173.8 Capital expenditures
(18.0 ) (18.6 ) Acquisitions of businesses, net of cash acquired
(3.0 ) (9.5 ) Disposals of property and equipment 0.4 1.0 Other
- (1.4 )
Net cash used by investing
activities (37.1 ) (81.7 )
Financing activities:
Proceeds from issuance of long-term debt 395.4 297.8 Repayments of
long-term debt (457.8 ) (150.0 ) Repayment of notes payable (16.8 )
- Net decrease in other short-term borrowings (21.1 ) (135.7 ) Cash
dividends paid (46.5 ) (41.2 ) Purchases of treasury stock (43.5 )
(35.8 ) Proceeds from stock purchase and option plans 11.5 14.1
Other (11.7 ) (15.8 )
Net cash used by financing
activities (190.5 ) (66.6 )
Effect of exchange rate
changes on cash and cash equivalents 1.2
1.3
Increase in cash and cash equivalents 5.5 45.4
Cash and cash equivalents at beginning of year 92.0
77.6
Cash and cash equivalents at end of
period $ 97.5 $ 123.0
Supplemental cash
flow disclosures: Cash paid for interest $ (26.3 ) $ (24.0 )
Net cash paid for income taxes (11.4 ) (14.0 )
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
March 31, April 1, March 31,
April 1, 2018 2017 2018 2017
Net sales $ 935.5 $ 887.1 $ - $ - Cost of goods sold
(463.9 ) (438.8 ) - -
Gross profit 471.6 448.3 - - Operating expenses
(293.9 ) (278.1 ) - -
Operating earnings before financial services 177.7 170.2 - -
Financial services revenue - - 83.0 76.8 Financial
services expenses - - (26.1 )
(24.3 )
Operating earnings from financial services
- - 56.9 52.5
Operating earnings 177.7 170.2 56.9 52.5
Interest expense (13.5 ) (12.6 ) (0.1 ) (0.1 ) Intersegment
interest income (expense) – net 18.9 17.5 (18.9 ) (17.5 ) Other
income (expense) – net 2.8 (2.4 ) -
-
Earnings before income taxes and equity
earnings 185.9 172.7 37.9 34.9 Income tax expense (47.8
) (49.7 ) (9.8 ) (12.9 )
Earnings before
equity earnings 138.1 123.0 28.1 22.0
Financial services –
net earnings attributable to Snap-on 28.1 22.0 - -
Equity earnings, net of tax 0.6 0.1
- -
Net earnings 166.8 145.1
28.1 22.0 Net earnings attributable to noncontrolling interests
(3.8 ) (3.5 ) - -
Net
earnings attributable to Snap-on $ 163.0 $ 141.6
$ 28.1 $ 22.0 *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 March 31, December 30, March 31,
December 30, 2018 2017 2018 2017
Assets Cash and cash equivalents $ 97.4 $ 91.8 $ 0.1
$ 0.2 Intersegment receivables 28.3 17.1 - - Trade and other
accounts receivable – net 679.9 674.9 0.9 0.7 Finance receivables –
net - - 512.2 505.4 Contract receivables – net 6.8 9.4 85.2 87.4
Inventories – net 678.8 638.8 - - Prepaid expenses and other assets
113.8 117.6 0.9 0.7 Total current
assets 1,605.0 1,549.6 599.3 594.4 Property and equipment –
net 487.8 482.4 1.9 2.0 Investment in Financial Services 314.7
317.4 - - Deferred income tax assets 34.8 25.2 17.3 26.8
Intersegment long-term notes receivable 627.3 583.7 - - Long-term
finance receivables – net - - 1,035.9 1,039.2 Long-term contract
receivables – net 11.8 13.2 314.3 309.4 Goodwill 941.4 924.1 - -
Other intangibles – net 251.7 253.7 - - Other assets 61.8
63.1 - -
Total assets $ 4,336.3 $
4,212.4 $ 1,968.7 $ 1,971.8
Liabilities and Equity
Notes payable and current maturities of long-term debt $ 145.2 $
183.2 $ - $ 250.0 Accounts payable 188.0 177.1 0.2 1.1 Intersegment
payables - - 28.3 17.1 Accrued benefits 53.8 55.8 - - Accrued
compensation 60.9 67.8 1.5 3.7 Franchisee deposits 66.8 66.5 - -
Other accrued liabilities 408.2 366.0 34.6
29.7 Total current liabilities 922.9 916.4 64.6 301.6
Long-term debt and intersegment long-term debt - - 1,573.6 1,337.3
Deferred income tax liabilities 31.7 28.4 - - Retiree health care
benefits 35.2 36.0 - - Pension liabilities 146.6 158.9 - - Other
long-term liabilities 97.6 100.4 15.8
15.5
Total liabilities 1,234.0 1,240.1
1,654.0 1,654.4
Total shareholders' equity
attributable to Snap-on 3,083.9 2,953.9 314.7 317.4
Noncontrolling interests 18.4 18.4 - -
Total equity 3,102.3 2,972.3 314.7
317.4
Total liabilities and equity $ 4,336.3 $
4,212.4 $ 1,968.7 $ 1,971.8 *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 31, April 1,
2018 2017
AS
REPORTED
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
57.8 59.3
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 57.8
59.3
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 57.8 59.3
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 57.8
59.3
Diluted EPS - tax charge $ (0.04 ) $ -
ADJUSTED
INFORMATION - NON-GAAP
1)
Net earnings attributable to Snap-on
Incorporated
As reported $ 163.0 $ 141.6 Net debt items, after tax (4.1 ) - Tax
charge 2.6 - As adjusted to exclude net
debt items and tax charge $ 161.5 $ 141.6
2)
Diluted EPS
As reported $ 2.82 $ 2.39 Net debt items, after tax (0.07 ) - Tax
charge 0.04 - As adjusted to exclude
net debt items and tax charge $ 2.79 $ 2.39
3)
Effective tax rate
As reported 26.2 % 30.7 % Tax charge -1.2 % -
As adjusted to exclude net debt items and tax charge 25.0 %
30.7 %
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Snap-on IncorporatedInvestors:Leslie
Kratcoski262/656-6121orMedia:Richard Secor262/656-5561
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