Slide 1: Quarterly Financial Review First Quarter 2024
Quarterly Financial Review First Quarter 2024 Q1-2024 Quarterly Review © 2024 Snap-on Incorporated
Slide 2: Q1-2024 Quarterly Review © 2024 Snap-on Incorporated
Q1-2024 Quarterly Review © 2024 Snap-on Incorporated
Slide 3: Cautionary Statement
Cautionary Statement ▪ These slides should be read in conjunction with comments from the April 18, 2024 conference call. The financial statement information included herein is unaudited. ▪ Statements made during the April 18, 2024 conference call and/or information included in this presentation may
Slide 4: Nick Pinchuk, Chairman and Chief Executive Officer
Nick Pinchuk Chairman and Chief Executive Officer Q1-2024 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 Q1-2024 Quarterly Review 5 © 2024 Snap-on Incorporated
Slide 6: Consolidated Results
Consolidated Results Q1 2024 Q1 2023 ($ in millions, except per share data - unaudited) $ % $ % Change Net sales $ 1,182.3 $ 1,183.0 (0.1)% ➢ Organic sales (9.9) (0.8)% ➢ Acquisitions 6.7 0.5 % ➢ Currency translation 2.5 0.2 % Gross profit $ 596.7 50.5 % $ 589.6 49.8 % Operating expenses 325.8 27.6
Slide 7: Commercial & Industrial
Commercial & Industrial ($ in millions - unaudited) Q1 2024 Q1 2023 Change Segment sales $ 359.9 $ 363.8 (1.1)% ➢ Organic sales (9.2) (2.5)% ➢ Acquisition 6.7 1.8 % ➢ Currency translation (1.4) (0.4)% Gross profit $ 146.7 $ 141.3 % of sales 40.8 % 38.8 % Operating expenses $ 91.3 $ 85.5 % of sales 2
Slide 8: Snap-on Tools
Snap-on Tools ($ in millions - unaudited) Q1 2024 Q1 2023 Change Segment sales $ 500.1 $ 537.0 (6.9)% ➢ Organic sales (37.5) (7.0)% ➢ Currency translation 0.6 0.1 % Gross profit $ 241.1 $ 253.9 % of sales 48.2 % 47.3 % Operating expenses $ 123.8 $ 122.2 % of sales 24.7 % 22.8 % Operating earnings $
Slide 9: Repair Systems & Information
Repair Systems & Information ($ in millions - unaudited) Q1 2024 Q1 2023 Change Segment sales $ 463.8 $ 446.6 3.9 % ➢ Organic sales 14.7 3.3 % ➢ Currency translation 2.5 0.6 % Gross profit $ 208.9 $ 194.4 % of sales 45.0 % 43.5 % Operating expenses $ 96.0 $ 89.8 % of sales 20.7 % 20.1 % Operating ea
Slide 10: Financial Services
Financial Services ($ in millions - unaudited) Q1 2024 Q1 2023 Change Segment revenue $ 99.6 $ 92.6 7.6 % Operating earnings $ 68.3 $ 66.3 3.0 % Originations $ 301.7 $ 300.9 0.3 % ▪ Originations increased $0.8 million or 0.3% ▪ Average yield on finance receivables was 17.7% in both periods ▪ Average
Slide 11: Financial Services Portfolio Data
Financial Services Portfolio Data United States International Extended Extended ($ in millions - unaudited) Credit Total Credit Total Gross finance portfolio $ 1,737.1 $ 2,171.7 $ 228.2 $ 316.9 Portfolio net losses (TTM) $ 50.2 $ 51.6 $ 3.9 $ 4.5 60+ Delinquency: As of 03/31/24 1.8 % 1.5 % 0.9 % 0.8
Slide 12: Cash Flows
Cash Flows First Quarter ($ in millions - unaudited) 2024 2023 Net cash provided by operating activities $ 348.7 $ 301.6 ➢ Net earnings 269.6 254.3 ➢ Depreciation and amortization 24.5 24.9 ➢ Changes in deferred income taxes 1.6 (0.2) ➢ Changes in working investment (2.5) (36.6) ➢ Changes in accrued
Slide 13: Balance Sheet
Balance Sheet March 30, December 30, ($ in millions - unaudited) 2024 2023 Trade & Other Accounts Receivable – net $ 827.5 $ 791.3 Days Sales Outstanding 63 60 Finance Receivables – net $ 1,895.5 $ 1,878.3 Contract Receivables – net $ 530.2 $ 528.7 Inventories – net $ 970.5 $ 1,005.9 Inventory turns
Slide 14: Q1-2024 Quarterly Review © 2024 Snap-on Incorporated
Q1-2024 Quarterly Review 14 © 2024 Snap-on Incorporated