Snap-on · Earnings release · 8-K Exhibit 99

Snap-on Announces Fourth Quarter and Full Year 2024 Results

T1Operating margin before financial services in Q4 2024 improves 50 basis points to 22.1%;

Sales of $1,198.7 million in the quarter compares to $1,196.6 million last year

KENOSHA, Wis. — February 6, 2025 — Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced 2024 operating results for the fourth quarter and full year.

•Net sales of $1,198.7 million in the fourth quarter of 2024 represented an increase of $2.1 million, or 0.2%, from 2023 levels, reflecting a $2.0 million, or 0.2%, organic gain and $2.1 million of acquisition-related sales, partially offset by $2.0 million of unfavorable foreign currency translation.

•Operating earnings before financial services for the quarter of $265.2 million compared to $257.9 million in 2023. As a percentage of net sales, operating earnings before financial services were 22.1% in the fourth quarter compared to 21.6% last year.

•Financial services revenue in the quarter of $100.5 million compared to $97.2 million in 2023; financial services operating earnings of $66.7 million compared to $67.9 million last year.

•Consolidated operating earnings for the quarter of $331.9 million, or 25.5% of revenues (net sales plus financial services revenue), compared to $325.8 million, or 25.2% of revenues, in 2023.

•The fourth quarter effective income tax rate was 22.5% in 2024 and 21.4% last year.

•Net earnings in the quarter of $258.1 million, or $4.82 per diluted share, compared to net earnings of $255.3 million, or $4.75 per diluted share, a year ago.

•T2Full year net sales of $4,707.4 million in 2024 represented a decrease of $22.8 million, or 0.5%, from 2023 levels, reflecting a $40.6 million, or 0.9%, organic decline and $5.5 million of unfavorable foreign currency translation, partially offset by $23.3 million of acquisition-related sales. Full year net earnings of $1,043.9 million, or $19.51 per diluted share, compared to $1,011.1 million, or $18.76 per diluted share, in 2023, an increase of $32.8 million or $0.75 per diluted share. In 2024, net earnings included a $17.5 million, or $0.32 per diluted share, after-tax benefit for the final payments associated with a legal matter, which were received in the first six months of 2024.

See “Non-GAAP Measures” below for a definition of, and further explanation about, organic sales.

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“We are encouraged by our fourth quarter results as our businesses were again strong, achieving a positive balance and overall progress, with our operations serving critical industries and repair shop owners and managers advancing in both sales and profitability, and with the Snap-on Tools Group continuing to narrow the gap versus prior periods despite the environment of general uncertainty,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “In addition to reconfirming the special resilience of our markets and our enterprise, rooted in essential repair, the quarter demonstrates the considerable capabilities of our team, as is evident in the Tools Group success, pivoting our advantages in product, brand, and people to better match the current preferences of technicians for quick payback items.

As we proceed into 2025, we’ll enhance the franchise network by further refocusing our product development, manufacturing, and marketing, meeting the demands of the day, extend to critical industries by sharpening our ability to take full advantage of the growing need for customized solutions, and T3expand our already prominent position with shop owners and managers by serving the rising complexity of vehicle repair. At the same time, we’ll engage our Snap-on Value Creation Processes, driving improvements across the corporation that when combined with our runways for growth, we believe will author substantial and strategic gain. Finally, I want to thank our franchisees and our associates worldwide for their many contributions, for their steadfast dedication, and for their deep confidence in our prospects as we move forward through this 105th year of our company and significantly beyond.”

Segment Results - Fourth Quarter

Commercial & Industrial Group segment sales of $379.2 million in the quarter compared to $363.9 million last year, reflecting a $14.2 million, or 3.9%, organic gain and $2.1 million of acquisition-related sales, partially offset by $1.0 million of unfavorable foreign currency translation. The organic increase is primarily due to higher sales to customers in critical industries, with particular progress in the specialty torque arena.

Operating earnings of $63.5 million in the period compared to $54.1 million in 2023. The operating margin (operating earnings as a percentage of segment sales) improved 180 basis points to 16.7% from 14.9% last year.

T4Snap-on Tools Group segment sales of $506.6 million in the quarter compared to $513.3 million last year, reflecting a $7.3 million, or 1.4%, organic sales decrease, partially offset by $0.6 million of favorable foreign currency translation. The organic decline is due to lower activity in the U.S., partially offset by higher sales in the segment’s international operations.

Operating earnings of $106.9 million in the period compared to $111.0 million in 2023. The operating margin of 21.1% compared to 21.6% a year ago.

Repair Systems & Information Group segment sales of $456.6 million in the quarter compared to $450.8 million last year, reflecting a $7.3 million, or 1.6%, organic sales increase, partially offset by $1.5 million of unfavorable foreign currency translation. The organic gain includes higher activity with OEM dealerships and increased sales of diagnostic and repair information products to independent repair shop owners and managers, partially offset by lower volumes of undercar equipment.

Operating earnings of $121.4 million in the period compared to $113.3 million in 2023. The operating margin improved 150 basis points to 26.6% from 25.1% last year.

Financial Services operating earnings of $66.7 million on revenue of $100.5 million in the quarter compared to operating earnings of $67.9 million on revenue of $97.2 million a year ago. Originations of $285.1 million in the fourth quarter represented a decrease of $18.0 million, or 5.9%, from 2023 levels.

Corporate expenses in the fourth quarter of $26.6 million compared to $20.5 million last year.

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Outlook

T5We believe that our markets and our operations possess and have demonstrated continuing and considerable resilience against the uncertainties of the current environment. In 2025, Snap-on expects to make ongoing progress along its decisive runways for coherent growth, leveraging capabilities already proven in the automotive repair arena, developing and expanding its professional customer base, not only in automotive repair, but in adjacent markets, additional geographies and other areas, including T6extending in critical industries, where the cost and penalties for failure can be high. In pursuit of these initiatives, T7we project that capital expenditures in 2025 will approximate $100 million.

T8Snap-on currently anticipates that its full-year 2025 effective income tax rate will be in the range of 22% to 23%.

Conference Call and Webcast on February 6, 2025, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, February 6, 2025, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, visit https://www.snapon.com/EN/Investors/Investor-Events and click on the link to the call. The slide presentation accompanying the call can be accessed under the Downloads tab in the webcast viewer, as well as on the Snap-on website at https://www.snapon.com/EN/Investors/Financial-Information/Quarterly-Earnings.

Non-GAAP Measures

References in this release to “organic sales” refer to sales from continuing operations calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), adjusted to exclude acquisition-related sales and the impact of foreign currency translation. Management evaluates the company’s sales performance based on organic sales growth, which primarily reflects growth from the company’s existing businesses as a result of increased output, expanded customer base, geographic expansion, new product development and pricing changes, and excludes sales contributions from acquired operations the company did not own as of the comparable prior-year reporting period. Organic sales also exclude the effects of foreign currency translation as foreign currency translation is subject to volatility that can obscure underlying business trends.

Management believes that the non-GAAP financial measure of organic sales is meaningful to investors as it provides them with useful information to aid in identifying underlying growth trends in the company’s businesses and facilitates comparisons of its sales performance with prior periods.

About Snap-on

Snap-on Incorporated is a leading global innovator, manufacturer, and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing. From its founding in 1920, Snap-on has been recognized as the mark of the serious and the outward sign of the pride and dignity working men and women take in their professions. Products and services are sold through the company’s network of widely recognized franchisee vans, as well as through direct and distributor channels, under a variety of notable brands. The company also provides financing programs to facilitate the sales of its products and to support its franchise business. Snap-on, an S&P 500 company, generated sales of $4.7 billion in 2024, and is headquartered in Kenosha, Wisconsin.

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Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement.

Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended December 30, 2023, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

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For additional information, please visit www.snapon.com or contact:

Investors: Media:

Sara Verbsky Samuel Bottum

SNAP-ON INCORPORATED

Condensed Consolidated Statements of Earnings

(Amounts in millions, except per share data)

(unaudited)

Fourth Quarter

Full Year

Net sales

$

$

$

$

Cost of goods sold

Gross profit

Operating expenses

Operating earnings before financial services

Financial services revenue

Financial services expenses

Operating earnings from financial services

Operating earnings

Interest expense

Other income (expense) – net

Earnings before income taxes

Income tax expense

Net earnings

Net earnings attributable to noncontrolling interests

Net earnings attributable to Snap-on Inc.

$

$

$

$

Net earnings per share attributable to Snap-on Inc.:

Basic

$

$

$

$

Diluted

Weighted-average shares outstanding:

Basic

Effect of dilutive securities

Diluted

SNAP-ON INCORPORATED

Supplemental Segment Information

(Amounts in millions)

(unaudited)

Fourth Quarter

Full Year

Net sales:

Commercial & Industrial Group

$

$

$

$

Snap-on Tools Group

Repair Systems & Information Group

Segment net sales

Intersegment eliminations

Total net sales

Financial Services revenue

Total revenues

$

$

$

$

Operating earnings:

Commercial & Industrial Group

$

$

$

$

Snap-on Tools Group

Repair Systems & Information Group

Financial Services

Segment operating earnings

Corporate

Operating earnings

Interest expense

Other income (expense) – net

Earnings before income taxes

$

$

$

$

SNAP-ON INCORPORATED

Condensed Consolidated Balance Sheets

(Amounts in millions)

(unaudited)

Fiscal Year End

Assets

Cash and cash equivalents

$

$

Trade and other accounts receivable – net

Finance receivables – net

Contract receivables – net

Inventories – net

Prepaid expenses and other current assets

Total current assets

Property and equipment – net

Operating lease right-of-use assets

Deferred income tax assets

Long-term finance receivables – net

Long-term contract receivables – net

Goodwill

Other intangible assets – net

Pension assets

Other long-term assets

Total assets

$

$

Liabilities and Equity

Notes payable

$

$

Accounts payable

Accrued benefits

Accrued compensation

Franchisee deposits

Other accrued liabilities

Total current liabilities

Long-term debt

Deferred income tax liabilities

Retiree health care benefits

Pension liabilities

Operating lease liabilities

Other long-term liabilities

Total liabilities

Equity

Shareholders' equity attributable to Snap-on Inc.

Common stock

Additional paid-in capital

Retained earnings

Accumulated other comprehensive loss

Treasury stock at cost

Total shareholders' equity attributable to Snap-on Inc.

Noncontrolling interests

Total equity

Total liabilities and equity

$

$

SNAP-ON INCORPORATED

Condensed Consolidated Statements of Cash Flows

(Amounts in millions)

(unaudited)

Fourth Quarter

Operating activities:

Net earnings

$

$

Adjustments to reconcile net earnings to net cash provided (used) by operating activities:

Depreciation

Amortization of other intangible assets

Provision for losses on finance receivables

Provision for losses on non-finance receivables

Stock-based compensation expense

Deferred income tax benefit

Gain on sales of assets

Changes in operating assets and liabilities, net of effects of acquisitions:

Trade and other accounts receivable

Contract receivables

Inventories

Prepaid expenses and other current assets

Accounts payable

Accrued and other liabilities

Net cash provided by operating activities

Investing activities:

Additions to finance receivables

Collections of finance receivables

Capital expenditures

Acquisitions of businesses, net of cash acquired

—

Disposals of property and equipment

Other

Net cash used by investing activities

Financing activities:

Net decrease in other short-term borrowings

Cash dividends paid

Purchases of treasury stock

Proceeds from stock purchase plans and stock option exercises

Other

Net cash used by financing activities

Effect of exchange rate changes on cash and cash equivalents

Increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of year

$

$

Supplemental cash flow disclosures:

Cash paid for interest

$

$

Net cash paid for income taxes

SNAP-ON INCORPORATED

Condensed Consolidated Statements of Cash Flows

(Amounts in millions)

(unaudited)

Full Year

Operating activities:

Net earnings

$

$

Adjustments to reconcile net earnings to net cash provided (used) by operating activities:

Depreciation

Amortization of other intangible assets

Provision for losses on finance receivables

Provision for losses on non-finance receivables

Stock-based compensation expense

Deferred income tax benefit

Gain on sales of assets

Changes in operating assets and liabilities, net of effects of acquisitions:

Trade and other accounts receivable

Contract receivables

Inventories

Prepaid expenses and other current assets

Accounts payable

Accrued and other liabilities

Net cash provided by operating activities

Investing activities:

Additions to finance receivables

Collections of finance receivables

Capital expenditures

Acquisitions of businesses, net of cash acquired

—

Disposals of property and equipment

Other

Net cash used by investing activities

Financing activities:

Net decrease in other short-term borrowings

Cash dividends paid

Purchases of treasury stock

Proceeds from stock purchase plans and stock option exercises

Other

Net cash used by financing activities

Effect of exchange rate changes on cash and cash equivalents

Increase in cash and cash equivalents

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year

$

$

Supplemental cash flow disclosures:

Cash paid for interest

$

$

Net cash paid for income taxes

Non-GAAP Supplemental Data

The following non-GAAP supplemental data is presented for informational purposes to provide readers with insight into the information used by management for assessing the operating performance of Snap-on Incorporated's (“Snap-on”) non-financial services (“Operations”) and Financial Services businesses.

The supplemental Operations data reflects the results of operations and financial position of Snap-on's tools, diagnostics, equipment products, software and other non-financial services operations with Financial Services presented on the equity method. The supplemental Financial Services data reflects the results of operations and financial position of Snap-on's U.S. and international financial services operations. The financing needs of Financial Services are met through intersegment borrowings and cash generated from Operations; Financial Services is charged interest expense on intersegment borrowings at market rates. Income taxes are charged to Financial Services on the basis of the specific tax attributes generated by the U.S. and international financial services businesses. Transactions between the Operations and Financial Services businesses are eliminated to arrive at the Condensed Consolidated Financial Statements.

SNAP-ON INCORPORATED

Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of Earnings

(Amounts in millions)

(unaudited)

Operations*

Financial Services

Fourth Quarter

Fourth Quarter

Net sales

$

$

$

—

$

—

Cost of goods sold

—

—

Gross profit

—

—

Operating expenses

—

—

Operating earnings before financial services

—

—

Financial services revenue

—

—

Financial services expenses

—

—

Operating earnings from financial services

—

—

Operating earnings

Interest expense

—

—

Intersegment interest income (expense) – net

Other income (expense) – net

—

Earnings before income taxes and equity earnings

Income tax expense

Earnings before equity earnings

Financial services – net earnings attributable to Snap-on

—

—

Net earnings

Net earnings attributable to noncontrolling interests

—

—

Net earnings attributable to Snap-on

$

$

$

$

* Snap-on with Financial Services presented on the equity method.

SNAP-ON INCORPORATED

Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of Earnings

(Amounts in millions)

(unaudited)

Operations*

Financial Services

Full Year

Full Year

Net sales

$

$

$

—

$

—

Cost of goods sold

—

—

Gross profit

—

—

Operating expenses

—

—

Operating earnings before financial services

—

—

Financial services revenue

—

—

Financial services expenses

—

—

Operating earnings from financial services

—

—

Operating earnings

Interest expense

—

—

Intersegment interest income (expense) – net

Other income (expense) – net

Earnings before income taxes and equity earnings

Income tax expense

Earnings before equity earnings

Financial services – net earnings attributable to Snap-on

—

—

Net earnings

Net earnings attributable to noncontrolling interests

—

—

Net earnings attributable to Snap-on

$

$

$

$

* Snap-on with Financial Services presented on the equity method.

SNAP-ON INCORPORATED

Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Balance Sheets

(Amounts in millions)

(unaudited)

Operations*

Financial Services

Fiscal Year End

Fiscal Year End

Assets

Cash and cash equivalents

$

$

$

$

Intersegment receivables

—

—

Trade and other accounts receivable – net

Finance receivables – net

—

—

Contract receivables – net

Inventories – net

—

—

Prepaid expenses and other current assets

Total current assets

Property and equipment – net

Operating lease right-of-use assets

Investment in Financial Services

—

—

Deferred income tax assets

Intersegment long-term notes receivable

—

—

Long-term finance receivables – net

—

—

Long-term contract receivables – net

Goodwill

—

—

Other intangible assets – net

—

—

Pension assets

—

—

Other long-term assets

Total assets

$

$

$

$

Liabilities and Equity

Notes payable

$

$

$

—

$

—

Accounts payable

Intersegment payables

—

—

Accrued benefits

—

—

Accrued compensation

Franchisee deposits

—

—

Other accrued liabilities

Total current liabilities

Long-term debt and intersegment long-term debt

—

—

Deferred income tax liabilities

—

—

Retiree health care benefits

—

—

Pension liabilities

—

—

Operating lease liabilities

Other long-term liabilities

Total liabilities

Total shareholders' equity attributable to Snap-on

Noncontrolling interests

—

—

Total equity

Total liabilities and equity

$

$

$

$

* Snap-on with Financial Services presented on the equity method.