Slide 1: Quarterly Financial Review Second Quarter 2023
Quarterly Financial Review Second Quarter 2023
Slide 2: Q2-2023 Quarterly Review © 2023 Snap-on Incorporated
Q2-2023 Quarterly Review © 2023 Snap-on Incorporated
Slide 3: Cautionary Statement
Cautionary Statement ▪ These slides should be read in conjunction with comments from the July 20, 2023 conference call. The financial statement information included herein is unaudited. ▪ Statements made during the July 20, 2023 conference call and/or information included in this presentation may co
Slide 4: Nick Pinchuk
Nick Pinchuk Chairman and Chief Executive Officer Q2-2023 Quarterly Review 4 © 2023 Snap-on Incorporated
Slide 5: Aldo Pagliari
Aldo Pagliari Senior Vice President and Chief Financial Officer Q2-2023 Quarterly Review 5 © 2023 Snap-on Incorporated
Slide 6: Consolidated Results
Consolidated Results Q2 2023 Q2 2022 ($ in millions, except per share data - unaudited) $ % $ % Change Net sales $ 1,191.3 $ 1,136.6 4.8 % ➢ Organic sales 63.0 5.6 % ➢Currency translation (8.3) (0.8)% Gross profit $ 603.7 50.7 % $ 553.5 48.7 % Operating expenses 326.7 27.4 % 306.9 27.0 % Operating e
Slide 7: Commercial & Industrial
Commercial & Industrial ($ in millions - unaudited) Q2 2023 Q2 2022 Change Segment sales $ 364.2 $ 359.1 1.4 % ➢ Organic sales 10.7 3.0 % ➢ Currency translation (5.6) (1.6)% Gross profit $ 143.9 $ 133.8 % of sales 39.5 % 37.3 % Operating expenses $ 85.8 $ 82.1 % of sales 23.5 % 22.9 % Operating earn
Slide 8: Snap-on Tools
Snap-on Tools ($ in millions - unaudited) Q2 2023 Q2 2022 Change Segment sales $ 523.1 $ 520.6 0.5 % ➢ Organic sales 5.7 1.1 % ➢ Currency translation (3.2) (0.6)% Gross profit $ 256.5 $ 239.5 % of sales 49.0 % 46.0 % Operating expenses $ 118.8 $ 115.1 % of sales 22.7 % 22.1 % Operating earnings $ 13
Slide 9: Repair Systems & Information
Repair Systems & Information ($ in millions - unaudited) Q2 2023 Q2 2022 Change Segment sales $ 452.0 $ 416.8 8.4 % ➢ Organic sales 35.5 8.5 % ➢Currency translation (0.3) (0.1)% Gross profit $ 203.3 $ 180.2 % of sales 45.0 % 43.2 % Operating expenses $ 92.9 $ 84.5 % of sales 20.6 % 20.2 % Operating
Slide 10: Financial Services
Financial Services ($ in millions - unaudited) Q2 2023 Q2 2022 Change Segment revenue $ 93.4 $ 86.4 8.1 % Operating earnings $ 66.9 $ 65.3 2.5 % Originations $ 326.3 $ 307.6 6.1 % ▪ Originations increased $18.7 million or 6.1% ▪ Average yields on finance receivables were 17.6% and 17.5% in 2023 and
Slide 11: Financial Services Portfolio Data
Financial Services Portfolio Data United States International Extended Extended ($ in millions - unaudited) Credit Total Credit Total Gross finance portfolio $ 1,679.7 $ 2,085.9 $ 212.8 $ 295.5 Portfolio net losses (TTM) $ 43.1 $ 44.3 $ 3.3 $ 3.7 60+ Delinquency: As of 6/30/23 1.3 % 1.1 % 0.8 % 0.9
Slide 12: Cash Flows
Cash Flows 2nd Quarter June YTD ($ in millions - unaudited) 2023 2022 2023 2022 Net cash provided by operating activities $ 270.3 $ 140.8 $ 571.9 $ 334.7 ➢ Net earnings 269.9 237.2 524.2 459.9 ➢ Depreciation and amortization 24.8 25.4 49.7 51.1 ➢ Changes in deferred income taxes (9.0) (9.4) (9.2) (7
Slide 13: Balance Sheet
Balance Sheet July 1, December 31, ($ in millions - unaudited) 2023 2022 Trade & Other Accounts Receivable - net $ 786.8 $ 761.7 Days Sales Outstanding 61 61 Finance Receivables - net $ 1,827.4 $ 1,733.0 Contract Receivables - net $ 497.9 $ 493.7 Inventories - net $ 1,046.1 $ 1,033.1 Inventory turns
Slide 14: Q2-2023 Quarterly Review © 2023 Snap-on Incorporated
Q2-2023 Quarterly Review © 2023 Snap-on Incorporated