Snap-on Incorporated · NYSE:SNA
Snap-on — Q1 2013 Earnings Presentation
13 slides from Snap-on's earnings presentation, Apr 18, 2013
Slide 1: Quarterly Financial Review First Quarter 2013
Quarterly Financial Review First Quarter 2013 Q1-2013 Quarterly Review © 2013 Snap-on Incorporated April 18, 2013
Slide 2: Cautionary Statement
Cautionary Statement These slides should be read in conjunction with comments from a conference call held on April 18, 2013. The financial statement information included herein is unaudited. Statements made during the April 18, 2013 conference call and/or information included in this presentation
Slide 3: Who We Are
Snapan incorporated Who We Are OUR MISSION The most valued productivity solutions in the world BELIEFS VALUES VISION We deeply believe in: Our behaviors define our success: To be acknowledged as the: Non-negotiable Product and We demonstrate Integrity, Brands of Choice Workplace Safety Uncompromisin
Slide 4: Nick Pinchuk, Chairman and Chief Executive Officer
Nick Pinchuk Chairman and Chief Executive Officer Q1-2013 Quarterly Review © 2013 Snap-on Incorporated April 18, 2013
Slide 5: Aldo Pagliari, Senior Vice President and Chief Financial Officer
Aldo Pagliari Senior Vice President and Chief Financial Officer Q1-2013 Quarterly Review © 2013 Snap-on Incorporated April 18, 2013
Slide 6: Consolidated Results – 1st Quarter
Consolidated Results – 1st Quarter 2013 2012 ($ in millions, except per share data - unaudited) $ % $ % Change Net sales $ 741.7 $ 735.2 0.9 % Organic sales 10.8 1.5 % Currency translation (4.3) (0.6)% Gross profit $ 356.9 48.1 % $ 347.7 47.3 % Operating expenses 249.1 33.6 % 250.2 34.0 % Operat
Slide 7: Commercial & Industrial – 1st Quarter
Commercial & Industrial – 1st Quarter ($ in millions - unaudited) 2013 2012 Change Segment sales $ 266.4 $ 286.5 (7.0)% Organic sales (17.9) (6.3)% Currency translation (2.2) (0.7)% Gross profit $ 99.0 $ 102.0 % of sales 37.2 % 35.6 % Operating expenses $ 68.4 $ 72.8 % of sales 25.7 % 25.4 % Ope
Slide 8: Snap-on Tools – 1st Quarter
Snap-on Tools – 1st Quarter ($ in millions - unaudited) 2013 2012 Change Segment sales $ 327.3 $ 316.6 3.4 % Organic sales 11.6 3.7 % Currency translation (0.9) (0.3)% Gross profit $ 143.9 $ 139.0 % of sales 44.0 % 43.9 % Operating expenses $ 96.7 $ 92.9 % of sales 29.6 % 29.3 % Operating earnin
Slide 9: Repair Systems & Information – 1st Quarter
Repair Systems & Information – 1st Quarter ($ in millions - unaudited) 2013 2012 Change Segment sales $ 246.1 $ 226.1 8.8 % Organic sales 21.0 9.3 % Currency translation (1.0) (0.5)% Gross profit $ 114.0 $ 106.7 % of sales 46.3 % 47.2 % Operating expenses $ 57.5 $ 58.1 % of sales 23.3 % 25.7 % O
Slide 10: Financial Services – 1st Quarter
Financial Services – 1st Quarter ($ in millions - unaudited) 2013 2012 Segment revenue $ 44.0 $ 38.0 Operating earnings $ 30.5 $ 23.9 Originations $ 171.9 $ 156.3 Operating earnings up $6.6 million, or 27.6%, primarily due to continued growth of the on-book finance portfolio Originations increas
Slide 11: Financial Services Portfolio Data
Financial Services Portfolio Data Snap-on Credit International (United States) Finance Subsidiaries Extended Extended ($ in millions - unaudited) Credit Total Credit Total Gross on-book finance portfolio $ 745.2 $ 932.3 $ 112.5 $ 169.0 CIT receivables managed by SOC: March 2013 $ 7.6 $ 43.4 December
Slide 12: Cash Flow
Cash Flow 1st Quarter ($ in millions - unaudited) 2013 2012 Net cash provided by operating activities $ 75.7 $ 65.0 Net cash provided (used) due to: Net earnings 85.1 73.0 Depreciation and amortization 18.8 19.0 Changes in deferred income taxes 14.4 13.4 Changes in working investment (5.5) 1
Slide 13: Balance Sheet
Balance Sheet March 30, December 29, ($ in millions - unaudited) 2013 2012 Trade & Other Accounts Receivable - net $ 500.2 $ 497.9 Days Sales Outstanding 61 61 Finance Receivables - net $ 831.9 $ 817.7 Contract Receivables - net $ 260.2 $ 257.1 Inventory - net $ 401.3 $ 404.2 Inventory turns - TTM 3