Snap-on reported Q3/16 net sales of $834.1 million increased $12.6 million, or 1.5%, from 2015 levels. Excluding $9.7 million of unfavorable foreign currency translation and $1.1 million of acquisition-related sales, organic sales increased $21.2 million or 2.6%.

Operating earnings before financial services of $157.6 million increased 140 basis points to 18.9% of sales as compared to $143.6 million, or 17.5% of sales, last year.

Financial services operating earnings of $50.6 million increased $7.1 million, or 16.3%, from 2015 levels. Financial services revenue of $71.6 million increased 17.2% from 2015 levels.

Consolidated operating earnings of $208.2 million improved to 23.0% of revenues (net sales plus financial services revenue) as compared to $187.1 million, or 21.2% of revenues, last year.

Q3/16 effective income tax rate was 31.2% in 2016 and 31.6% in 2015.

Snap-on also reported net earnings of $131.7 million, or $2.22 per diluted share, compared to net earnings of $116.8 million, or $1.98 per diluted share, a year ago.

“We believe Snap-on’s third quarter results, including a 12.1% increase in diluted earnings per share and continued growth in organic sales, confirm our success in serving serious professionals performing critical tasks and in leveraging our Snap-on value creation processes,” said Nick Pinchuk, Snap-on chairman and CEO. “The 140 basis point improvement in operating margin before financial services reflects our ability to drive ongoing improvements in safety, quality, customer connection and rapid continuous improvement.”