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Snap - on Incorporated News Release Release : IMMEDIATE Snap - on Announces First Quarter 2021 Results Sales up 20.2 % from Q1 2020 , organic sales up 16.3 % ; Diluted EPS of $ 3.50 increases 40.6 % , or 34.6 % , as adjusted , from Q1 2020 ; Sales up 11.2 % from Q1 2019 , organic sales up 8.1 % ; Diluted EPS increases 10.8 % or 16.3 % , as adjusted , from Q1 2019 - KENOSHA , Wis . April 22 , 2021 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 operating results for the first quarter of 2021 . • • Net sales of $ 1,024.6 million in the first quarter of 2021 increased $ 172.4 million , or 20.2 % from 2020 levels , reflecting a $ 141.9 million , or 16.3 % , organic sales gain , $ 11.3 million of acquisition - related sales , and $ 19.2 million of favorable foreign currency translation . Additionally , net sales in the period increased $ 102.9 million , or 11.2 % from $ 921.7 million in the first quarter of 2019 , reflecting a $ 76.0 million , or 8.1 % , organic sales gain , $ 15.3 million of acquisition - related sales , and $ 11.6 million of favorable foreign currency translation . Operating earnings before financial services for the quarter of $ 200.9 million , or 19.6 % of sales compared to $ 138.9 million , or 16.3 % of sales , in 2020 , which included $ 7.5 million of exit and disposal costs ( " restructuring charges ” ) . Excluding the 2020 restructuring charges , operating earnings before financial services in the first quarter of 2021 increased $ 54.5 million , or 37.2 % , from $ 146.4 million , or 17.2 % of sales , as adjusted , last year . Financial services revenue in the quarter of $ 88.6 million increased $ 2.7 million from last year's levels ; financial services operating earnings of $ 65.3 million compared to $ 56.9 million in 2020 , which included a $ 2.6 million charge related to higher credit reserves resulting from the economic uncertainty associated with the COVID - 19 pandemic . Consolidated operating earnings for the quarter of $ 266.2 million compared to $ 195.8 million last year , which included $ 7.5 million of restructuring charges . As a percentage of revenues ( net sales plus financial services revenue ) , consolidated operating earnings were 23.9 % and 20.9 % in the first quarters of 2021 and 2020 , respectively . Excluding the 2020 restructuring charges , consolidated operating earnings in 2021 increased $ 62.9 million , or 30.9 % , from $ 203.3 million , or 21.7 % of revenues , as adjusted , last year . The first quarter effective income tax rate was 23.5 % in 2021 and 24.2 % in 2020 , which included a 10 basis point increase from the restructuring charges . Net earnings in the quarter of $ 192.6 million , or $ 3.50 per diluted share , compared to $ 137.2 million , or $ 2.49 per diluted share , a year ago . Excluding the restructuring charges , net earnings in 2020 , as adjusted , were $ 143.2 million , or $ 2.60 per diluted share . Additionally , reported net earnings in the first quarter of 2019 were $ 177.9 million , or $ 3.16 per diluted share ; excluding a legal settlement in 2019 , net earnings , as adjusted , were $ 169.2 million , or $ 3.01 per diluted share . See " Non - GAAP Measures " below for a definition of , and further explanation about , organic sales and measures , as adjusted , excluding restructuring charges in 2020 and the legal settlement in 2019 . - more -