Slide 1: Quarterly Financial Review Second Quarter 2024
Quarterly Financial Review Second Quarter 2024 Q2-2024 Quarterly Review © 2024 Snap-on Incorporated
Slide 2: Q2-2024 Quarterly Review © 2024 Snap-on Incorporated
Q2-2024 Quarterly Review © 2024 Snap-on Incorporated
Slide 3: Cautionary Statement
Cautionary Statement ▪ These slides should be read in conjunction with comments from the July 18, 2024 conference call. The financial statement information included herein is unaudited. ▪ Statements made during the July 18, 2024 conference call and/or information included in this presentation may co
Slide 4: Nick Pinchuk, Chairman and Chief Executive Officer
Nick Pinchuk Chairman and Chief Executive Officer Q2-2024 Quarterly Review © 2024 Snap-on Incorporated
Slide 5: Aldo Pagliari, Senior Vice President and Chief Financial Officer
Aldo Pagliari Senior Vice President and Chief Financial Officer Q2-2024 Quarterly Review 5 © 2024 Snap-on Incorporated
Slide 6: Consolidated Results
Consolidated Results Q2 2024 Q2 2023 ($ in millions, except per share data - unaudited) $ % $ % Change Net sales $ 1,179.4 $ 1,191.3 (1.0)% ➢ Organic sales (13.5) (1.1)% ➢ Acquisitions 7.3 0.6 % ➢ Currency translation (5.7) (0.5)% Gross profit $ 597.3 50.6 % $ 603.7 50.7 % Operating expenses 317.0 2
Slide 7: Commercial & Industrial
Commercial & Industrial ($ in millions - unaudited) Q2 2024 Q2 2023 Change Segment sales $ 372.0 $ 364.2 2.1 % ➢ Organic sales 4.3 1.2 % ➢ Acquisition 7.3 2.0 % ➢ Currency translation (3.8) (1.1)% Gross profit $ 155.3 $ 143.9 % of sales 41.7 % 39.5 % Operating expenses $ 93.1 $ 85.8 % of sales 25.0
Slide 8: Snap-on Tools
Snap-on Tools ($ in millions - unaudited) Q2 2024 Q2 2023 Change Segment sales $ 482.0 $ 523.1 (7.9)% ➢ Organic sales (40.3) (7.7)% ➢ Currency translation (0.8) (0.2)% Gross profit $ 235.2 $ 256.5 % of sales 48.8 % 49.0 % Operating expenses $ 120.4 $ 118.8 % of sales 25.0 % 22.7 % Operating earnings
Slide 9: Repair Systems & Information
Repair Systems & Information ($ in millions - unaudited) Q2 2024 Q2 2023 Change Segment sales $ 454.8 $ 452.0 0.6 % ➢ Organic sales 4.3 1.0 % ➢ Currency translation (1.5) (0.4)% Gross profit $ 206.8 $ 203.3 % of sales 45.5 % 45.0 % Operating expenses $ 93.2 $ 92.9 % of sales 20.5 % 20.6 % Operating
Slide 10: Financial Services
Financial Services ($ in millions - unaudited) Q2 2024 Q2 2023 Change Segment revenue $ 100.5 $ 93.4 7.6 % Operating earnings $ 70.2 $ 66.9 4.9 % Originations $ 308.1 $ 326.3 (5.6)% ▪ Originations decreased $18.2 million or 5.6% ▪ Average yields on finance receivables were 17.7% in 2024 and 17.6% in
Slide 11: Financial Services Portfolio Data
Financial Services Portfolio Data United States International Extended Extended ($ in millions - unaudited) Credit Total Credit Total Gross finance portfolio $ 1,755.0 $ 2,187.3 $ 235.4 $ 325.8 Portfolio net losses (TTM) $ 54.4 $ 55.8 $ 4.2 $ 4.8 60+ Delinquency: As of 06/30/24 1.6 % 1.3 % 0.8 % 0.7
Slide 12: Cash Flows
Cash Flows 2nd Quarter June YTD ($ in millions - unaudited) 2024 2023 2024 2023 Net cash provided by operating activities $ 301.1 $ 270.3 $ 649.8 $ 571.9 ➢ Net earnings 277.6 269.9 547.2 524.2 ➢ Depreciation and amortization 24.6 24.8 49.1 49.7 ➢ Changes in deferred income taxes (6.0) (9.0) (4.4) (9
Slide 13: Balance Sheet
Balance Sheet June 29, December 30, ($ in millions - unaudited) 2024 2023 Trade & Other Accounts Receivable – net $ 783.5 $ 791.3 Days Sales Outstanding 60 60 Finance Receivables – net $ 1,919.3 $ 1,878.3 Contract Receivables – net $ 529.4 $ 528.7 Inventories – net $ 965.0 $ 1,005.9 Inventory turns
Slide 14: Q2-2024 Quarterly Review © 2024 Snap-on Incorporated
Q2-2024 Quarterly Review 14 © 2024 Snap-on Incorporated