Tools, tool storage and equipment manufacturer Snap-on shared its 2023 fourth quarter and full-year financial results on Feb. 8, showing a modest organic 4Q annual sales gain despite a considerable decrease in its largest business unit.

Kenosha, WI-based Snap-on posted 4Q23 sales of $1.20 billion, up 3.5% year-over-year, with organic sales up 2.2%. Operating profit of $258 million outside the $248 million of a year earlier, while net profit of $255 million likewise topped the $239 million of a year earlier.

For the full-year, Snap-on’s 2023 total sales were $4.73 billion, up 5.3% from 2022, with organic sales up 5.6%. Full-year net profit of $1.01 billion topped 2022’s $912 million.

By Snap-on business unit in 4Q23:

• Snap-on Tools Group sales of $513 million decreased 5.5% year-over-year, with organic sales down 5.7%. The organic decrease was driven by lower activity in U.S. operations, partially offset by higher sales in the segment’s international operations.
• Repair Systems & Information Group sales of $451 million increased 2.9% year-over-year, with organic sales up 2.0%. The organic gain includes higher activity with OEM dealerships and increased volumes of undercar equipment, partially offset by lower sales of diagnostic and repair information products to independent repair shop owners and managers.
• Commercial & Industrial Group sales of $364 million increased 6.0% year-over-year, with organic sales up 3.3%. The organic increase ws driven by higher activity with customers in critical industries, partially offset by lower power tool volumes.