Slide 1: Quarterly Financial Review Third Quarter 2023
Quarterly Financial Review Third Quarter 2023
Slide 2: Q3-2023 Quarterly Review © 2023 Snap-on Incorporated
Q3-2023 Quarterly Review © 2023 Snap-on Incorporated
Slide 3: Cautionary Statement
Cautionary Statement ▪ These slides should be read in conjunction with comments from the October 19, 2023 conference call. The financial statement information included herein is unaudited. ▪ Statements made during the October 19, 2023 conference call and/or information included in this presentation
Slide 4: Nick Pinchuk
Nick Pinchuk Chairman and Chief Executive Officer Q3-2023 Quarterly Review 4 © 2023 Snap-on Incorporated
Slide 5: Aldo Pagliari
Aldo Pagliari Senior Vice President and Chief Financial Officer Q3-2023 Quarterly Review 5 © 2023 Snap-on Incorporated
Slide 6: Consolidated Results
Consolidated Results Q3 2023 Q3 2022 ($ in millions, except per share data - unaudited) $ % $ % Change Net sales $ 1,159.3 $ 1,102.5 5.2 % ➢ Organic sales 52.4 4.7 % ➢ Currency translation 4.4 0.5 % Gross profit $ 578.2 49.9 % $ 532.6 48.3 % Operating expenses 333.0 28.7 % 309.1 28.0 % Operating ear
Slide 7: Commercial & Industrial
Commercial & Industrial ($ in millions - unaudited) Q3 2023 Q3 2022 Change Segment sales $ 366.4 $ 356.8 2.7 % ➢ Organic sales 11.2 3.2 % ➢ Currency translation (1.6) (0.5)% Gross profit $ 143.0 $ 131.8 % of sales 39.0 % 36.9 % Operating expenses $ 84.9 $ 79.5 % of sales 23.1 % 22.2 % Operating earn
Slide 8: Snap-on Tools
Snap-on Tools ($ in millions - unaudited) Q3 2023 Q3 2022 Change Segment sales $ 515.4 $ 496.6 3.8 % ➢ Organic sales 18.3 3.7 % ➢ Currency translation 0.5 0.1 % Gross profit $ 238.6 $ 223.2 % of sales 46.3 % 44.9 % Operating expenses $ 125.2 $ 121.0 % of sales 24.3 % 24.3 % Operating earnings $ 113.
Slide 9: Repair Systems & Information
Repair Systems & Information ($ in millions - unaudited) Q3 2023 Q3 2022 Change Segment sales $ 431.8 $ 414.0 4.3 % ➢ Organic sales 13.0 3.1 % ➢ Currency translation 4.8 1.2 % Gross profit $ 196.6 $ 177.6 % of sales 45.5 % 42.9 % Operating expenses $ 91.7 $ 82.2 % of sales 21.2 % 19.9 % Operating ea
Slide 10: Financial Services
Financial Services ($ in millions - unaudited) Q3 2023 Q3 2022 Change Segment revenue $ 94.9 $ 87.3 8.7 % Operating earnings $ 69.4 $ 66.4 4.5 % Originations $ 305.2 $ 300.2 1.7 % ▪ Originations increased $5.0 million or 1.7% ▪ Average yield on finance receivables was 17.7% in both years ▪ Average y
Slide 11: Financial Services Portfolio Data
Financial Services Portfolio Data United States International Extended Extended ($ in millions - unaudited) Credit Total Credit Total Gross finance portfolio $ 1,698.6 $ 2,126.7 $ 210.8 $ 293.7 Portfolio net losses (TTM) $ 44.2 $ 45.7 $ 3.7 $ 4.1 60+ Delinquency: As of 9/30/23 1.5 % 1.2 % 0.7 % 0.8
Slide 12: Cash Flows
Cash Flows 3rd Quarter September YTD ($ in millions - unaudited) 2023 2022 2023 2022 Net cash provided by operating activities $ 285.4 $ 129.9 $ 857.3 $ 464.6 ➢ Net earnings 249.1 229.5 773.3 689.4 ➢ Depreciation and amortization 24.6 24.4 74.3 75.5 ➢ Changes in deferred income taxes (7.3) (7.0) (16
Slide 13: Balance Sheet
Balance Sheet September 30, December 31, ($ in millions - unaudited) 2023 2022 Trade & Other Accounts Receivable - net $ 776.8 $ 761.7 Days Sales Outstanding 60 61 Finance Receivables - net $ 1,843.4 $ 1,733.0 Contract Receivables - net $ 519.5 $ 493.7 Inventories - net $ 1,032.9 $ 1,033.1 Inventory
Slide 14: Q3-2023 Quarterly Review © 2023 Snap-on Incorporated
Q3-2023 Quarterly Review © 2023 Snap-on Incorporated