Kenosha-based Snap-on Inc. reported gains in both revenue and profit during the fourth quarter, ending 2016 with a more than 14 percent gain in net income.
Net income increased 11.3 percent in the fourth quarter to $146.3 million and earnings were up from $2.22 to $2.47 per diluted share.
For the full year net income was $546.4 million, a 14.1 percent increase. Earnings increased from $8.10 to $9.20 per diluted share.
The company reported $3.43 billion in revenue, a 2.3 percent increase for the year. Revenue for the quarter was $889.8 million, a 4.5 percent increase.
Organic sales increased by $30 million, a 3.6 percent increase. The company also reported $23.3 million in acquisition-related sales and a $15.2 million impact of unfavorable foreign currency translation.
The commercial and industrial segment reported $286.3 million sales, up 1.6 percent with gains in the European-based hand tools business and higher sales to the military.
The tools group reported $417.5 million in sales, a 1.5 percent increase with gains in both U.S. and international franchise operations.
The repair systems and information group posted $319.8 million in sales, a 14 percent increase over 2015. Sales in the segment were up 8.9 percent organically with higher sales of diagnostics and repair information products to independent repair shop owners and managers, increased sales to OEM dealerships and higher sales of undercar equipment.
