You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Today, I'll start with a view of our fourth quarter, give you an update on the environment and the trends we see.
And I'll take you through some of the turbulence we've overcome and the advancements we've made.
And Aldo will then, as usual, give you a more detailed review of the financials.
The fourth quarter was encouraging.
It affirmed the characteristics that make Snap-on the company, we know it to be, the resilience of our markets, the power of our strategic position, and the consistent and capable execution of our teams.
It all ended up to momentum, cutting through the challenges and the numbers testified to just that.
Reported sales in a quarter of $1,108.3 million were up 3.2%, including $12.2 million from acquisitions being offset by $3 million of unfavorable foreign currency exchange.
Organically, our sales grew by 2.3%.
Importantly, if you compare to the pre-pandemic levels of 2019 before the period, the period variability of last year, you see a clear and unmistakable upward drive versus 2019.
Sales in this past quarter were up 16% as reported and 13% organically continuing an ongoing trend of accelerating expansion, increasing higher and higher over pre-COVID levels.
What also bears the marks of the Snap-on value creation processes safety, quality, customer connection, innovation, and rapid continuous improvement, or RCI, as we call it.
All combined to offer significant progress.
The progress there was.
Opco, operating income of $232.2 million was up $16.6 million from last year and the 0I margin was 21%.
An all-time high, up 90 basis points from last year and 310 basis points from 2019 all achieved by overcoming the challenges of this day.
For financial services, operating income of $67.2 million was down from the $68.5 million of last year, but delinquencies in the quarter were below both 2020 and those of 2019.
An ongoing testament to our unique business model and its ability to navigate through the most threatening of environments.
And the combination of the results from opco and financial services offered an overall consolidated operating margin of 25.1%, up from the 24.4% of last year, and the 22.5% recorded in 2019.
Our quarterly earnings per share was $4.10 well over the $3.82 of a year ago, which included a $0.2 charge for restructuring, and that's $4.10 was up 33.1% over 2019.
Considerable gains in my book.
Well, those are the numbers.
Now let's speak about the markets, we do believe the auto repair environment continues to be favorable in the area, serving vehicle OEMs and dealerships.
We do see some turbulence.
New car sales around the world remain mixed, with China generally progressing.
But both North America and Europe had a tough fourth quarter.
Overall volume remained below the 2019 levels.
And some new model releases and features were delayed by supply chain constraints, and that impacted the associated essential tool programs that we are involved in.
OEM projects aside, however, dealership repair, maintenance, and warranty are all healthy.
Techs are seeing good times, and the dealers are looking to support their expansion in their shop.
In effect, the OEM market is mixed but technicians are quite positive.
There's a growing appetite for repair shop equipment, but essential tool programs are attenuated.
Now in the independent repair shop, it's a horse of a different color.
Confidence is uniformly sky high based on what we hear from our franchisees, shop owners, and technicians' optimism and independent repair shops continue to be strong, and our sales in that sector may reflect that confidence.
So we believe, on balance, vehicle repair is a great place to operate for our Tools Group and for our Repair System & Information or RS&I Group.
In the critical industries where our Commercial & Industrial group plays or C&I plays, we are seeing areas of progress, but the lingering effects of the virus have created headwinds.
And the results in the quarter showed that trend with variations from country to country.
A recovery in Asia and emerging markets, but Europe is quite mixed.
There are also differences from sector to sector education, natural resources in general industries showing improvement while the military spending continues to experience, what I'd say are substantial challenges.
Overall, however, I would describe our C&I markets as holding their own against the turbulence, but with a variation.
We do believe we're well-positioned, and I think the numbers say this to confront the challenges of this time advancing along with ways for growth.
We're also confident that we have continuing potential on a runway for improvement to Snap-on value creation processes.
There is constant fuel for our progress, especially customer connection.
Understanding the work of professional technicians in innovation, matching that insight to technology.
We believe our product lineup just keeps getting stronger every day and we keep investing to make it so.
Vehicles are rising in complexity, technicians need assistance, and so products are becoming more sophisticated to match the changing requirements and Snap-on is keeping pace.
In 2021, we had more hit $1 million projects than ever before.
We've endeavored through the virus here to maintain our product, our brand, I've spoken of this before and the virus area to maintain our product, our brand, and our people, and we believe that continuing commitment has served us well.
Authoring positive results and creating substantial momentum for the days ahead.
And that momentum is apparent in our full-year results.
Sales of $4,252 million, up 18.4%, including an organic increase of 15.1% compared to last year and a 14.14% organic gain over 2019, strong numbers.
The as-reported opco OI margin for the year was 20%, a new high, up from the 17.6% of 2020, exceeding the 19.2% of pre-pandemic 2019.
As-reported earnings per share for the year were $14.92, up 30.4%, or 28.3% as adjusted for the nonrecurring restructuring and the restructuring in 2020, and up 21.7% as adjusted from 2019.
All clear signs of ongoing momentum.
Now for the operating groups.
Let's start with C&I, fourth quarter sales at $358.7 million for the group were down $5.7 million, including $4.1 million of unfavorable currency versus 2019 sales group $5.8 million, reflecting primarily acquisition volume and currency impact.
The period saw a recovery in Asia with Indonesia.
In the quarter we saw -- we did see recovery in Asia with Indonesia, India, Japan, South Korea, and China rising.
Europe and North America were more impacted by the environment, we're down slightly in the quarter.
Looking at the sectors, nice progress with our precision -- was achieved in our precision torque line.
And that progress was -- but that progress was more than offset by lower critical industry activity attenuated in those critical industries, primarily by lower US military spending and by supply chain-driven constraints and in the custom kitting area.
C&I operating income was $50.1 million, down $6.1 million, including $1.2 million of unfavorable currency.
The gains in Asia and the torque were more than offset by the reduced military activity in the industrial kitting constraints.
As I mentioned, however, specialty torque -- the specialty torque operation did register continuing progress driven by innovative product development, customer connection, and observational work.
Great offerings like our recently released QB4R [Inaudible] of three quarter inch drive break-over torque wrenches, capable of -- this wrench is capable of accurately fastening from 450 to 750-pound feet.
It's designed specifically for heavy-duty applications, tough jobs such as torquing lug nuts on big trucks.
The new unit combines our Norbar, our regionally acquired Norbar industrial torque technology with a robust ratchet design produced on -- Tennessee factory.
Those original light vehicle ratcheting mechanisms of a Tennessee plant were reengineered for four higher retention heavy requirements and were directly matched to our unique Norbar break-over device, which provides a clear indication that the torque target has been reached, ensuring reliable accuracy every time.
The ratchet design with our patented seal head is rugged, capable of withstanding very high stresses, and has an easy-to-read adjustment mechanism that reduces the possibility of error and is virtually maintenance-free.
The new wrench also has a quick-release feature for easy disassembly, compact storage, and great portability.
The Snap-on QB4R, we like to say strength, accuracy, and convenience.
And as you might expect, sales have been strong as the need for precision increases, torque products are becoming more prominent, and Snap-on is playing an active role in that rise.
C&I, mixed results, but significant areas of progress boding well for its future.
Now, let's go on to the tools group.
Sales of $504.8 million, up $9.9 million, including favorable currency and a $7.9 million organic rise from continued expansion in the US, a positive that was somewhat attenuated this quarter by a low single-digit decline in international networks.
But versus 2019, a more comparable base, the Tools Group rose 21.5% and has been up now from prepandemic levels for 6 straight quarters.
And the operating margin was 21.9%, easily one of the highest ever, up 300 basis points from last year, all despite the ongoing challenges of this day.
We have continued to invest in products, brands, and people.
And the Tools Group has used that focus to its advantage.
The expanding and considerable gains from the time before the virus makes that clear.
In the quarter and throughout the year, the Tools Group results continue to confirm the leadership position of our brand network.
We believe the franchisees are growing stronger, and that's evidenced in the franchisee health metrics we monitor each period.
They're on an unmistakably favorable trend.
This quarter, we were once again ranked among the top franchise organization, both in the US and abroad recognized by the franchise business view, which in its latest ranking for franchisee satisfaction, was a Snap-on the top as a top 50 franchise for the 15th consecutive year.
We're also featured at number three among all franchises in Entrepreneur Magazine's 2020 list of top franchises for veterans and abroad.
Snap-on was ranked No.
2 in Elite Franchise Magazine's top UK franchises.
The judges in that ranking state that the durability and innovation showed in the face of unimaginable circumstances are what is decided in this year's top 10, and the panel was right on.
Durability and innovation are what makes the Tools Group -- what marks the Tools Group in the storm is clear.
That this type of recognition is a point of pride for us, but it reflects the fundamental strength of our franchisees and of our brand business in general.
But it would not have been achieved without a continuous stream of innovative new products developed through our strong customer connections learning to lead to multiple new problem-solving innovations and the result of our insight and experience in the changing universe of vehicle repair.
Customer connection gives us a great window into that changing universe, and we put it to good use.
Our sales enhance our sales of hand tools, we're up nicely in the quarter and of course, new products led the way there.
Our innovative 30, LS, DM, core half-inch drive impact suckets were a significant contributor.
Born out of customer connection, observing the work in automotive shops, the special sockets, they range from 17 to 22 millimeters, come with an extra deep hex, up to three-quarter inch deeper, accommodating the lug nuts with a decorative cap that are becoming so common on the latest models.
The new sockets provide the clearance needed to fit right over those nut covers without damage, grab the lug and enable quick removal without having to remove the caps.
It saves techs significant time over a day of repair activity that is made right here in our Milwaukee plant.
They released just this past quarter, and initial sales have been gangbusters, I'm telling you.
And making those sales have made that new socket line a hit product just in the volume in the fourth quarter.
Well, that's the Tools Group expanding the success in the US, balancing the international operations, continuing to innovate, building on our underlying advantages, stronger than ever performance all achieved against the wind.
Volume for the fourth quarter was $392.5 million, up 8.7%, including acquisitions and 5.5% of organic growth with gains in sales of modern car equipment, increased volume of handheld diagnostics, and the rise of information and data subscriptions being partially offset by a decrease in our business focused on vehicle OEMs and dealerships.
RS&I operating margins of $97.2 million rose $7.2 million or 8% versus 2020.
And that number in 2020 included $1 million of restructuring costs.
Compared with the pre-pandemic levels of 2019, sales grew $57.5 million, 17.2%, including a $43.7 million or 13% organic gain.
And the RS&I gross OI margin of 24.8% compared with a 24.9% and a 26% registered in 2020 and 2010, respectively.
With the impact of acquisitions attenuating a generally positive balance for the operations.
Again, software products and subscriptions for RS&I were a significant plus.
Along those lines, our Mitchell 1 division, providing software to independent shops, continues to succeed, pursuing customer connection and innovation, launching great new products to improve shop efficiency.
RS&I just added more powerful and exclusive features to its award-winning Mitchell 1 pro demand auto repair information software.
You see, as auto electronics have expanded, wiring diagrams have become of rising importance in-vehicle diagnosis and repair, and the new pro demand significantly advances what is already a clear lead for Mitchell 1 in diagram navigation, offering new features that provide interactive dropdowns, display, and connection data allow easy movement to the next diagram on the diagnostic trail and enable the seamless recall of previously, viewed circuits should a look-back be needed in the repair process.
And as you might expect, the initial reactions to the new updates have been quite enthusiastic from both the shops and from the technicians.
It's all music to our ears.
We keep driving to expand RS&I's position with repair shop owners and managers, offering them more and more solutions for their day-to-day challenges, developed by our value creation processes or added by our strategic coherent acquisitions.
And we're confident it's a winning formula.
So those are the highlights of the quarter.
Doing what we expect to do.
Achieve ongoing process again, achieve ongoing progress against the storm.
A continuing rise versus the pre-pandemic levels up more each quarter now for several straight periods gauged forged through our Snap-on value creation processes, strengthening our business and driving to a 21% optimal operating margin up 90 basis points, a new record.
EPS $4.10 a considerable rise to new heights.
Overcoming all headwinds and demonstrating continued confirmation that Snap-on has emerged from the pandemic much stronger than when we entered with the momentum that we're confident will propel us to even higher heights as we move forward.
Our consolidated operating results are summarized on Slide 6.
During the fourth quarter of 2021, the resilience and continued strength of our business model enabled Snap-on to close the year with another period of robust financial performance.
The quarter also compared favorably with the fourth quarter of 2019, which was a pre-COVID-19 time period.
In some cases may serve to be the more meaningful baseline.
Net sales of $1,108.3 million in the quarter increased 3.2% from 2020 levels, reflecting a 2.3% organic sales gain and $12.2 million of acquisition-related sales, partially offset by $3 million of unfavorable foreign currency translation.
Additionally, net sales in the period increased 16% from $955.2 million in the fourth quarter of 2019, including a 13% organic gain, $20.9 million of acquisition-related sales, and $7.1 million of favorable foreign currency translation.
In both comparisons, the organic gains more than offset lower sales to the military.
Consolidated gross margin of 48.1% improved 10 basis points from 48% last year, the gross margin contributions from the higher sales volumes.
Pricing actions 30 basis points of favorable foreign currency effects and benefits from the company's RCI initiatives offset higher material and other costs.
For the quarter, the corporation continue to navigate effectively the supply chain dynamics associated with the global pandemic.
Operating expenses as a percentage of net sales of 27.1% improved 80 basis points from 27.9% last year, which included 10 basis points of cost from restructuring actions.
The improvement is primarily due to higher sales volumes, partially offset by 40 basis points of unfavorable acquisition effect.
Operating earnings before financial services of $232.2 million, compared to $216.2 million in 2020 and $171.4 million in 2019, reflecting an improvement of 7.4% and 35.5%, respectively.
As a percentage of net sales, operating margin before financial services of 21% improved 90 basis points from last year and 310 basis points from 2019.
The operating company margin of 21% represents the highest quarterly level of profitability and Snap-on's modern-day history.
Financial services revenue of $86.9 million in the fourth quarter of 2021, compared to $93.4 million last year, which included an extra week of interest income associated with the 53rd week 2020 fiscal calendar.
Operating earnings of $67.2 million decreased $1.3 million from 2020 levels, reflecting the lower revenue partially offset by lower provisions for credit losses.
Consolidated operating earnings of $299.4 million increased 5.2% from $284.7 million last year and 28.2% from $233.6 million in 2019.
As a percentage of revenues, the operating earnings margin of 25.1% compared to 24.4% in 2020 and 22.5% in 2019.
Our fourth quarter effective income tax rate of 22.3% compared to 21.8% last year, which includes a 10 basis point increase related to the restructuring actions.
Net earnings of $223.7 million or $4.10 per diluted share increased $14.8 million, or $0.28 per share from last year's levels, representing a 7.3% increase in diluted earnings per share.
As compared to the fourth quarter of 2019, net earnings increased by $53.1 million, or $1.02 per share, representing a 33.1% increase and diluted earnings per share.
Now let's turn to our segment results.
Starting with the C&I Group on Slide 7.
Sales of $358.7 million decreased from $364.4 million last year, reflecting a $1.6 million organic sales decline and $4.1 million of unfavorable foreign currency translation.
The organic decrease primarily reflects a low single-digit decline in sales to customers in critical industries within critical industries.
Lower sales for the military were partially offset by gains in general industry and technical education, as well as by improved sales into oil and gas applications.
As a further comparison net sales in the period increased 1.6% from 2016 levels, reflecting $8.7 million of acquisition-related sales and $3.8 million of favorable foreign currency translation, partially offset by a $6.7 billion organic sales decline.
As compared to 2019, sales in our European-based hand tools business were up mid-teens.
Those gains were more than offset by lower activity with the military.
As you may recall, the fourth quarter of 2019 included sales for a major project that is substantially complete.
Gross margin of 36.5% declined 130 basis points from 37.8% in the fourth quarter of 2020, primarily due to the higher material and other costs, partially offset by benefits from RCI industries.
While pricing actions have been taken in this segment to help offset the increasing costs, the longer-term nature of certain customer agreements affects the timing of price realization.
Operating expenses as a percentage of sales of 22.5% in the quarter, compared to 22.4% last year.
Operating earnings for the CNI segment of $50.1 million, compared to $56.2 million last year.
The operating margin of 14%, compared to 15.4% a year ago.
Turning now to Slide 8.
Sales in the Snap-on Tools Group of $504.8 million increased 2% from $494.9 million in 2020, reflecting a 1.6% organic sales gain and $2 million of favorable foreign currency translation.
The organic sales increase reflects a low single-digit gain in our US business, partially offset by a low single-digit decline in our international operations.
Net sales in the period increased 22.6% from $411.7 million in the fourth quarter of 2019, reflecting a 21.5% organic sales gain and $3.9 million of favorable foreign currency translation.
Sales gains in the quarter were led by our hand tools category, with strong performance sequentially, as well as versus both the fourth quarters of 2020 and 2019.
Gross margin of 43.9% in the quarter improved 100 basis points from last year, primarily due to the higher sales volumes.
Pricing actions and 60 basis points from favorable foreign currency effects, which offset higher material and other costs.
Operating expenses as a percentage of sales of 22% improved from 24% last year, primarily reflecting the higher sales and benefits from ongoing RCI and cost containment efforts.
Operating earnings for the Snap-on tools group of $110.5 million, compared to $93.6 million last year.
The operating margin of 21.9% improved 300 basis points from 18.9% last year.
Turning to the RS&I Group shown on Slide 9.
Sales of $392.5 million compared to $361.1 million a year ago, reflecting a 5.5% organic sales gain and $12.2 million of acquisition-related sales, partially offset by $500,000 of unfavorable foreign currency translation.
The organic gain is comprised of a double-digit increase in sales of under-car equipment and a mid-single-digit gain in sales of diagnostic and repair information products to independent shop owners and managers, partially offset by a low single-digit decrease in sales to OEM dealerships.
Also during the quarter, the RS&I Group continue to benefit from the increasing number of monthly software subscribers for its aftermarket and dealership repair shops.
As compared to 2019 levels, net sales increased $57.5 million from $335 million, reflecting a 13% organic sales gain, $12.2 of acquisition-related sales, and $1.6 million of favorable foreign currency translation.
Gross margin of 46.1% was unchanged from last year as benefits from pricing actions and 60 basis points from acquisitions were offset by higher material and other costs.
Operating expenses as a percentage of sales with 21.3% compared to 21.2% last year, primarily due to150 basis points of unfavorable acquisition effects, partially offset by the impact of higher sales and 30 basis points from lower expenses related to $1 million of restructuring costs that were recorded in the fourth quarter of 2020.
Operating earnings for the RS&I Group of $97.2 million compared to $90 million last year.
The operating margin of 24.8% compared to 24.9% a year ago.
Now turning to Slide 10.
Revenue from financial services of $86.9 million decreased by $6.5 million from $93.4 million last year, primarily as a result of an additional week of interest income occurring in the 53rd 2020 fiscal year.
Financial services operating earnings of $67.2 million compared to $68.5 million in 2020.
As a percentage of the average portfolio, financial services expenses were nine-tenths of 1% and 1.1% in the fourth quarter of 2021 and 2020, respectively.
In the fourth quarter of 2021, in 2020, the average yield on finance receivables was 17.7% and the average yield on contract receivables was 8.5%.
Total loan originations of $256.3 million in the fourth quarter decreased $16.1, or 5.9% from 2020 levels, reflecting a 3.6% decrease in originations of finance receivables and a 16.6% decrease in originations of contract receivables.
Last year's extra week in the quarter contributed approximately $10 million of finance receivable originations.
As a reminder, revenues in the quarter are generally dependent on the average size of the financing portfolio, rather than originations in any one period.
Moving to Slide 11.
Our quarter-end balance sheet includes approximately $2.2 billion of gross financing receivables, including $1.9 billion from our US operation.
The 60-day plus delinquency rate of 1.6% for the US extended credit compared to 1.8% in the fourth quarter of 2020.
On a sequential basis, the rate is up 20 basis points, reflecting the typical seasonal increase we experienced between the third and fourth quarters.
As relates to extending credit or finance receivables, trailing 12-month net losses of $41.1 million represented 2.38% of outstanding at quarter-end, down 24 basis points as compared to the same period last year.
Now turning to Slide 12, cash provided by operating activities of $222.7 million in the quarter reflects 97.2% of net earnings and compared to $317.6 million last year.
The decrease from the fourth quarter of 2020 primarily reflects higher cash payments for income and other taxes and an $85 million increase in working investment, partially offset by higher net earnings.
The change in working investment is largely driven by increased receivables and higher levels of inventory this year versus a reduction of inventory in 2020.
The increase in inventory primarily reflects higher demand, as well as incremental buffer stocks and expanded levels of in-transit inventories associated with the supply chain dynamics in the current macro environment.
Net cash used by investing activities of $23.8 billion included net additions to finance receivables of $9.7 million and $16.3 million of capital expenditures.
Net cash used by financing activities, $154.1 million included cash dividends of 76.1 million and the repurchase of 355,000 shares of common stock for $75.5 million under our existing share repurchase programs, as of year-end, we have to remain available to repurchase up to an additional $454.9 million of common stock under existing authorizations.
The 2021 full-year free cash flow generation of $872.6 million represented about 104% of net earnings.
Turning to Slide 13, trade and other accounts receivable increased $41.6 million from the 2020 year-end.
Days sales outstanding of 58 days compared to 64 days at 2020 year-end.
Inventories increased $57.3 million from 2020 year-end and trailings 12-month basis inventory turns of 2.8 times, compared to 2.4 times at year-end 2020.
Our year-end cash position of $780 million, compared to $923.4 million at year-end 2020.
Our net debt to capital ratio of 9.1% compared to 12.1% at year-end 2020.
In addition to cash, and expected cash flow from operations, we have more than $800 million available under our credit facilities.
As of year-end, there were no amounts outstanding under the credit facility and there were no commercial paper borrowings outstanding.
That concludes my remarks on our fourth quarter performance, and I'll briefly review a few outlook items for 2022.
We anticipate the capital expenditures will be in a range of $90 million to $100 million.
In addition, we currently anticipate absenting any changes to US tax legislation that our full-year 2022 effective income tax rate will be in the range of 23%, 24%.
Well, that's our fourth quarter.
Positive performance, overcoming challenges as we expect to do.
In these times of turbulence, we continued to rise based on the resilience of our markets, vehicle repair expanding the shop level, tax pumped and garage is optimistic, overcoming the postponement of essential OEM programs.
The critical industry is mixed, but with promising areas, gains in general industry, natural resources, and education, and progress in emerging markets.
Difficulties are in the air but we're able to prosper nonetheless on the power of our strategic position, controlling the customer interface with our wide product line and unique brand.
And perhaps most importantly, we rose on the consistent and capable execution by our team, employing agile marketing, considered active pricing, new and higher-value products, quick redesigns to match available materials, aggressive spot buying, and as always, our ongoing RCI.
It's a combination authored another positive performance, and it's all spelled out clearly in our numbers.
Sales rising organically over pre-pandemic levels by 13%, with the last four periods up organically 8%, 9%, 11%, and 13% expanding the gain over 2019, demonstrating a positive second derivative in the rising sales quarter by quarter.
Opco OI margins of 21%, a record high in the midst of multiple challenges, up 90 basis points from last year and up substantially more from 2019.
And it all came together for an earnings per share of $4.10, up 7.2% from last year and 33% from the pre-pandemic period, leading to a full-year earnings per share of $14.92, new heights despite the storm.
It was an encouraging quarter and the year.
The period clearly had challenges, but we were able to overcome maintaining our progress, extending our upward trend.
And we believe that Snap-on exits 2021 with a substantial momentum that will carry us forward.
And as we mined the abundant opportunities of our resilient markets, we held the advantages of our unique strategic position and engage the considerable capabilities of our challenged-tested team.
We'll continue to track progress throughout 2022 and well beyond.
My friends, you are the face of the success we've registered this quarter in this year for the extraordinary progress you achieved.
You have my congratulations.

user
q4 earnings per share $4.10.
q4 sales rose 3.2 percent to $1.108 billion.
qtrly organic sales up 2.3%.
projected that capital expenditures in 2022 will be in a range of $90 million to $100 million.
currently anticipates that its full year 2022 effective income tax rate will be in the range of 23% to 24%.

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