Despite a dip in fourth quarter sales, Kenosha-based tool manufacturer Snap-On Inc. today reported an increase in earnings and sales in 2015, and higher earnings for the fourth quarter.
For all of 2015, the company reported net earnings of $478.7 million in 2015, up 13.5 percent, and sales of $3.35 million, up 2.3 percent.
Snap-On chairman and chief executive officer Nick Pinchuk said the company’s 2015 results validated, “Snap-On’s ability to build upon its unique combination of capabilities in serving serious professionals and to successfully navigate our runways for coherent growth and operating improvement.”
In the fourth quarter the company’s sales were down 0.7 percent to $851.7 million, compared to the fourth quarter of 2014, but its fourth quarter earnings were $131.4 million, up 15.4 percent.
“Our fourth quarter results…demonstrate ongoing progress…while overcoming meaningful and continuing external headwinds,” Pinchuk said. “As we enter 2016, we believe that we’ll further strengthen our position with professionals performing critical tasks by enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets.”