Snap-on sales grew 5.7% in '22
Snap-on Inc. posted Q4 '22 net sales of $1,155.9 million, $47.6 million, or 4.3%, higher compared to 2021 levels, and reflecting an $85.3 million, or 8.0%, organic sales gain, partially offset by $37.7 million of unfavorable foreign currency translation.
Full year net sales of
Operating earnings before financial services for the quarter were $248.0 million compared to $232.2 million in 2021.
Full year net sales of $4,492.8 million represent a $240.8 million, or 5.7%, increase over 2021 levels, reflecting a $357.2 million, or 8.7%, organic sales gain and $8.5 million of acquisition-related sales, partially offset by $124.9 million of unfavorable foreign currency translation. Full year net earnings of $911.7 million compared to net earnings of $820.5 million last year. Full year diluted earnings per share of $16.82 increased 12.7% from $14.92 per diluted share in 2021.
“Our fourth quarter performance was encouraging as it reflects our ongoing momentum and further confirms the extraordinary resilience of our markets, even in particularly uncertain environments,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “We’ve navigated the turbulence of these times with significant consistency, driven by our advantages in product and brand, and guided by the considerable capabilities of our experienced team.
"We believe our performance in the quarter, and the year, emphatically demonstrates the abundant possibilities along our runways for growth, as evidenced by our continuing sales gains over the pre-pandemic levels of 2019, reaching 21.0% in the quarter as reported, or 22.7% organically. In that regard, looking forward, we are well-positioned with our businesses serving critical industries, poised to extend our activities outside the garage, and with our automotive repair-facing operations, prepared to continue our advance within that robust market, enhancing the van channel and extending with repair shop owners and managers.
At the same time," he continued, "we’ll continue to leverage our Snap-on Value Creation Processes, authoring advancements throughout the corporation, maintaining our established trajectory of ongoing progress. Finally, I want to thank our franchisees and our associates worldwide for their valuable contributions, for their ongoing dedication, and for their deep confidence in our prospects as we move through 2023 and beyond.”
Outlook
Snap-on said it is projecting capital expenditures in 2023 will be in a range of $90 million to $100 million. Snap-on continues to respond to global macroeconomic challenges through its Rapid Continuous Improvement (RCI) process and other cost reduction initiatives.
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