Snap-on Incorporated reported consolidated net sales of $4.707 billion for the fiscal year ending December 28, 2024, a slight decrease of $22.8 million, or 0.5%, compared to $4.730 billion in 2023. The decline was attributed to a $40.6 million organic sales decrease and $5.5 million in unfavorable foreign currency translation, partially offset by $23.3 million in acquisition-related sales. Operating earnings before financial services increased to $1.069 billion, up from $1.040 billion in the previous year, reflecting a margin improvement from 22.0% to 22.7%. Net earnings attributable to Snap-on rose to $1.044 billion, or $19.51 per diluted share, compared to $1.011 billion, or $18.76 per diluted share, in 2023.
The company experienced notable changes across its operating segments. The Commercial & Industrial Group saw net sales increase by 1.3% to $1.477 billion, driven by a mid-single-digit gain in sales to critical industries, while the Snap-on Tools Group reported a 4.8% decline in net sales to $1.989 billion, primarily due to a mid-single-digit decrease in the U.S. market. The Repair Systems & Information Group achieved a 0.9% increase in net sales to $1.798 billion, reflecting a mid-single-digit increase in activity with OEM dealerships. Financial Services revenue grew to $401 million, up from $378 million in 2023.
Strategically, Snap-on expanded its capabilities through acquisitions, including the purchase of Mountz, Inc. for $39.6 million and SAVTEQ, Inc. for $3 million, enhancing its product offerings in critical industries. The company continues to focus on its coherent growth strategy, which emphasizes expanding its professional customer base in automotive repair and adjacent markets, as well as enhancing its franchise network. Snap-on's employee headcount stood at approximately 13,000 as of year-end 2024, with a commitment to maintaining a strong workforce to support its growth initiatives.
Looking ahead, Snap-on anticipates continued progress in 2025, with capital expenditures projected to reach approximately $100 million. The company expects to leverage its established capabilities in automotive repair while expanding into critical industries and emerging markets. The effective income tax rate for 2025 is anticipated to be in the range of 22% to 23%. Despite the challenges posed by macroeconomic conditions, Snap-on remains optimistic about its operational resilience and growth potential.
About Snap-on Inc
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