Tools, tool storage and equipment manufacturer Snap-on shared its 2024 fourth quarter and full-year financial results on Feb. 6, showing modest 4Q annual sales gain and a dip in full-year net sales.
Kenosha, WI-based Snap-on posted 4Q24 sales of $1.20 billion, narrowly up 0.2% year-over-year, with organic sales up 0.2% and a $2.1 million in acquisition-related sales. Operating profit of $265 million was up from the $258 million of a year earlier, while net profit of $258 million likewise topped the $255 million of a year earlier.
For the full-year, Snap-on’s 2024 total sales were about $4.71 billion, down 0.5% from 2023, reflecting a organic sales decline of 0.9%. Full-year net profit of $1.04 billion topped 2023’s $1.01 billion.
By Snap-on business unit in 4Q23:
- Snap-on Tools Group sales of $506.6 million increased from $513.3 million year-over-year, reflecting a 1.4% decrease in organic sales due to lower activity in the U.S.
- Repair Systems & Information Group sales of nearly $457 million increased from $450.8 million year-over-year, with organic sales up 1.6%. The organic gain includes higher activity with OEM dealerships and increased diagnostics and repair information product sales to independent repair shop owners.
- Commercial & Industrial Group sales of $379 million increased from $364 million year-over-year, with a nearly 4% organic gain. The organic increase was driven by higher sales to customers in critical industries, with particular progress in specialty torque.
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