Slide 1: Quarterly Financial Review Fourth Quarter 2023
Quarterly Financial Review Fourth Quarter 2023
Slide 2: Q4-2023 Quarterly Review
Q4-2023 Quarterly Review © 2024 Snap-on Incorporated
Slide 3: Cautionary Statement
Cautionary Statement ▪ These slides should be read in conjunction with comments from the February 8th, 2024 conference call. The financial statement information included herein is unaudited. ▪ Statements made during the February 8th, 2024 conference call and/or information included in this presentat
Slide 4: Nick Pinchuk
Nick Pinchuk Chairman and Chief Executive Officer Q4-2023 Quarterly Review 4 © 2024 Snap-on Incorporated
Slide 5: Aldo Pagliari
Aldo Pagliari Senior Vice President and Chief Financial Officer Q4-2023 Quarterly Review 5 © 2024 Snap-on Incorporated
Slide 6: Consolidated Results
Consolidated Results Q4 2023 Q4 2022 ($ in millions, except per share data - unaudited) $ % $ % Change Net sales $ 1,196.6 $ 1,155.9 3.5 % ➢ Organic sales 26.1 2.2 % ➢ Acquisitions 5.5 0.5 % ➢ Currency translation 9.1 0.8 % Gross profit $ 577.6 48.3 % $ 560.7 48.5 % Operating expenses 319.7 26.7 % 3
Slide 7: Commercial & Industrial
Commercial & Industrial ($ in millions - unaudited) Q4 2023 Q4 2022 Change Segment sales $ 363.9 $ 343.2 6.0 % ➢ Organic sales 11.6 3.3 % ➢ Acquisition 5.5 1.6 % ➢ Currency translation 3.6 1.1 % Gross profit $ 142.6 $ 129.4 % of sales 39.2 % 37.7 % Operating expenses $ 88.5 $ 81.5 % of sales 24.3 %
Slide 8: Snap-on Tools
Snap-on Tools ($ in millions - unaudited) Q4 2023 Q4 2022 Change Segment sales $ 513.3 $ 542.7 (5.4)% ➢ Organic sales (31.0) (5.7)% ➢ Currency translation 1.6 0.3 % Gross profit $ 232.1 $ 234.4 % of sales 45.2 % 43.2 % Operating expenses $ 121.1 $ 118.3 % of sales 23.6 % 21.8 % Operating earnings $
Slide 9: Repair Systems & Information
Repair Systems & Information ($ in millions - unaudited) Q4 2023 Q4 2022 Change Segment sales $ 450.8 $ 437.9 2.9 % ➢ Organic sales 8.8 2.0 % ➢ Currency translation 4.1 0.9 % Gross profit $ 202.9 $ 196.9 % of sales 45.0 % 45.0 % Operating expenses $ 89.6 $ 86.3 % of sales 19.9 % 19.7 % Operating ear
Slide 10: Financial Services
Financial Services ($ in millions - unaudited) Q4 2023 Q4 2022 Change Segment revenue $ 97.2 $ 88.3 10.1 % Operating earnings $ 67.9 $ 63.9 6.3 % Originations $ 303.1 $ 299.7 1.1 % ▪ Originations increased $3.4 million or 1.1% ▪ Average yields on finance receivables were 17.8% and 17.6% in 2023 and
Slide 11: Financial Services Portfolio Data
Financial Services Portfolio Data United States International Extended Extended ($ in millions - unaudited) Credit Total Credit Total Gross finance portfolio $ 1,720.6 $ 2,154.7 $ 225.5 $ 312.6 Portfolio net losses (TTM) $ 46.6 $ 48.0 $ 3.8 $ 4.3 60+ Delinquency: As of 12/31/23 1.8 % 1.5 % 0.8 % 0.7
Slide 12: Cash Flows
Cash Flows Fourth Quarter Full Year ($ in millions - unaudited) 2023 2022 2023 2022 Net cash provided by operating activities $ 296.9 $ 210.6 $ 1,154.2 $ 675.2 ➢ Net earnings 261.3 244.5 1,034.6 933.9 ➢ Depreciation and amortization 25.0 24.7 99.3 100.2 ➢ Changes in deferred income taxes (2.2) 3.8 (
Slide 13: Balance Sheet
Balance Sheet December 30, December 31, ($ in millions - unaudited) 2023 2022 Trade & Other Accounts Receivable - net $ 791.3 $ 761.7 Days Sales Outstanding 60 61 Finance Receivables - net $ 1,878.3 $ 1,733.0 Contract Receivables - net $ 528.7 $ 493.7 Inventories - net $ 1,005.9 $ 1,033.1 Inventory
Slide 14: Q4-2023 Quarterly Review
Q4-2023 Quarterly Review © 2024 Snap-on Incorporated