Snap-on reported that financial services operating earnings were $22.1 million on $35.5 million of revenue in the fourth quarter of 2011, as compared to operating earnings of $9.4 million on $21.5 million of revenue a year ago.

The company said the higher revenues and operating earnings in the fourth quarter of 2011 primarily reflects the continued growth of the on-book finance portfolio.

For the full year, operating earnings were $90.9 million on $124.3 million of revenue compared to $14.4 million on $62.3 million of revenue in 2010.

Fiscal year-end 2011 net finance receivables were $709.0 million compared to $561.0 million at the end of the prior fiscal year.