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: We have on the call today, Nick Pinchuk, Snap-on's chief executive officer; and Aldo Pagliari, Snap-on's chief financial officer.
Aldo will then provide a more detailed review of our financial results.
As usual, we have provided slides to supplement our discussion.
These slides will be archived on our website along with the transcript of today's call.
Both can be found on our website.
Today, I'll start with the highlights of our fourth quarter.
I'll give you my perspective on how the virus is playing out on the trends we see today and going forward, and I'll speak about our physical and financial progress.
Then Aldo will give you a more detailed review of the financials.
I'll just say, we are encouraged by the quarter.
It was strong, but we believe we can reach even higher.
This year with some -- a lot of unusual events.
But when you look through it all, Snap-on saw headwinds, but we met those challenges, absorbed the shock, developed accommodations to the environment, moved forward on a clear recovery, and we believe we exited the year stronger than ever.
We did have disparities from group to group and within each group, but our overall sales and profitability improved both sequentially and year over year for the second straight quarter, achieving new heights despite the virus.
Through the year, the Snap-on team continue to make progress, accommodating to the threat, pursuing our essential commercial opportunities safely.
And moving along upward trajectory is consistent with our general projections on how the days of the virus would unfold.
Geographically, the impact of the COVID continues to be varied for us.
Asia-Pacific remains virus challenged.
Southeast Asia and India are still in deep turbulence.
And while the U.S. and Europe actually seem to be further ahead in accommodation and are moving onto, what we call, psychological recovery.
For the business segments, we saw the essential nature of our markets rising through the turbulence along our runways for growth, demand for vehicle repair technicians to our franchisee network, directly selling off the vans.
Again, this quarter, it was robust.
Volume of repair shop owners and managers continued to gain and activity in critical industries advanced despite certain sectors like education, oil and gas, U.S. aviation, not returning to growth yet.
But you would kind of expect that.
Going forward, we are convinced that we're well positioned on a strong base.
But we know we have much more work to do.
The environment throughout the world is still impacted by the virus, and many of our businesses have not yet fully recovered against the great withering.
But having recognized these headwinds, however, we're also convinced that there will be abundant opportunities as the sky is clear and society pivots toward suburban locations and to more individual transportation.
This is great news for the vehicle repair industry.
I got to tell you.
And because of that, we're keeping focus on Snap-on value creation, safety, important use -- safety, quality, customer connection, innovation and rapid continuous improvement or RCI.
We've been unrelenting in advancing our advantage in products that solve the most critical of tasks, in brands that serve as the outward sign -- our brands that serve as the outward sign of the pride and dignity, working men and women taking their profession and in our people who're deeply committed and very capable.
Snap-on team is a great asset, and we've maintained it through these days of the virus.
We've advanced each of these strengths in the turbulence, and it's enabled Snap-on to achieve new heights, and the numbers show it.
So that's the overview.
Fourth quarter as reported sales of 1.0744 billion were up 12.5% from 2019, including 9.6 million of favorable foreign currency translations and $7.5 million of acquisition-related sales.
Organic sales rose 10.6% volume gains in the van channel, in OEM dealerships and diagnostics and repair information, in our European hand tools business, all demonstrating the abundant opportunities on our runway and our increased ability to take advantage of those opportunities.
From an earnings perspective, operating income, opco OI from the quarter of $216.2 million, including 2.8 million of direct costs associated with the virus, 1 million of restructuring charges for actions outside the United States and 1.5 million hit from unfavorable currency was up 26.1%.
And the opco operating margin, it was 20.1%, up 220 basis points, overcoming 30 basis points of unfavorable currency, 30 basis points, 30 points of COVID cost impact and 10 basis points of restructuring.
For financial services, operating income of 68.5 million increased 10.1% from 2019, all while keeping 60-day delinquencies flat to last year in the midst of the pandemic stress test and that result combined with opco for consolidated operating margin of 24.4%, 190 basis points improvement.
The overall quarterly earnings per share was $3.82, including a $0.02 charge for restructuring and that result compared to $3.08 last year, an increase of 24%, I did say new heights.
Now, for the full-year, sales were 3.593 billion, a 3.8% organic decline, principally on the first and second-quarter shock of the virus before the sequential gains of accommodation took hold.
Opco OI 631.9 million, including $12.5 million of restructuring charges, 11.9 million of direct costs associated with COVID-19 and 13.1 million of unfavorable currency compared to 716.4 million in 2019, which benefited from 11.6 million legal settlement in a patent-related litigation matter.
Opco OI margin, including a 30-basis-point impact associated with restructuring, 30 points of direct pandemic expenses, 30 points of unfavorable currency was 17.6% and compared with 19.2% in 2019, which incorporated 30 basis points of the nonrecurring benefit for the legal settlement.
That's a mouthful right?
But what it says is that despite the great disruption, our full-year OI margin was down only 40 basis points, apples to apples, demonstrating the special Snap-on's resilience that has enabled us to pay dividends every quarter since 1939 without a single deduction.
For the year, financial services registered OI of 248.6 million versus the 245.9 million in 2019.
Overall, earnings per share for the period of $11.44 was down 7.8% from the $12.41 reported last year -- 2019.
Adjusting for the restructuring in the current year and the onetime legal benefit in the prior year, 2020 earnings per share as adjusted reached $11.63, down 5.1%.
So now, let's go on to the individual operating groups.
In C&I, volume in the fourth quarter of $364.4 million, including 7.5 million from acquisitions and 6.5 million of favorable foreign currency, was up 3.3% as reported.
The activity was essentially flat organically, but represented a continuing sequential C&I rise all the way back to the early shock.
Notably, in these numbers, the C&I year-over-year sales were marked by a strong double-digit rise and our European-based hand tool business growing broadly across Western Europe against the twin challenges of COVID and the Brexit disruption.
There are also offsetting decreases in sales to our customers in critical industries in Asia Pacific.
But both these operations joined the overall group and registering substantial quarter to quarter sequential improvement.
They're still down, but they're clearly recovering.
From an earnings perspective, C&I operating income of 56.2 million increased 11.2 million, including 1.3 million of unfavorable foreign currency effects and 1 million of COVID-related costs with sales up 3.3% as reported, flat organically.
OI grew 24.9%, a nice operating improvement.
And the OI margin for the group was 15.4%, up 260 basis points from last year, overcoming 70 basis points of unfavorable currency and 30 points of direct COVID costs.
The benefits of RCI and margin gains in the critical industries made all the difference.
Speaking of the critical industries, we did see selective gains, international aviation and heavy-duty registered double-digit improvements.
But as you might expect and I referenced before, education, oil and gas and U.S. aviation continue to be down.
And in the quarter, our military sales were also impacted by the wind down of one of our major kitting programs.
But we do remain confident in and committed to expanding in the critical industries, and we see growing opportunities moving forward.
And a principal path to that possibility is customer connection and innovation, creating powerful new products.
You heard about our European hand tool business.
It showed significant resiliency in the quarter, and it was aided by a good dose of innovation, products like our recent expansion of our pop-up custom kitting system, extending our direct-to-user possibilities.
Our new fit and go product line allows buyers to quickly develop semi bespoke kits in foam tool control, consists of more than 200 preconfigured different tool sets designed around 26-inch wide Rock N' Roll Cab available in three standard foam configurations, one-third drawer, two-thirds drawer and a full drawer.
Customers can choose the particular box, drawer configuration and the tool array needed right from our bahco.com website, reaching end users without distributor interaction and with wider range of specialization, and sometimes it is, specialization is required, our sales reps can help develop just the right unit using the full breadth of the Bahco system.
We've had great success with our new fit and go.
It's an important extension of our hand tool presence in Europe.
And in the quarter, it helped boost SNA Europe to achieve the double-digit growth in a very challenging environment.
I think everybody would agree.
C&I demonstrating further accommodation with continued sequential gains, serving the essential.
Each of the business is generating a positive trajectory and exiting the quarter stronger than when they entered and product authored a big piece of that progress.
Now, onto the tools group.
As reported, sales of 20.2% to 494.9 million, including 2.2 million of favorable foreign currency and an 81 million or 19.6% organic increase, the second straight quarter of strong gain with the U.S. and International businesses both growing at double digits.
In the tools group operating earnings, 93.6 million, including 1.2 million of virus-related costs, that 93 points, including -- in fact, 93.6 million included 1.2 million of virus-related costs.
And that 93.6 million compared to last year's 54.3 million, an over 70% improvement.
Actually, the tools group recovered to positive territory for the full year, sales were up 2% organically, with OI rising almost 9% and OI margins up 110 basis points.
The continued operating gains of the tools group are further affirmation of our view of the COVID trajectory on the resilience of the vehicle repair business and on the strength of our direct face-to-face van model.
It turns out that deep and direct connection with the customers is a differentiator even in a pandemic.
And in the quarter and throughout the year, the tools group confirm the market-leading position of our van network.
We believe the franchisees are growing stronger.
That's clear in the franchisee health metrics we monitor each period.
One was the franchise business review, where we were again recognized in the magazine's latest rankings for franchisee satisfaction as a top 50 franchise, marking the 14th consecutive year that Snap-on received that award.
Now this type of recognition reflects the fundamental strength of our franchisees and our van business in general.
And it would not have been achieved without a continuous stream of innovative new product developed through our strong customer connections.
Throughout the storm, we've added every day to our already considerable insight and experience in the changing vehicle environment.
And because of that, we're able to bring forward innovation after innovation, great products, like our newly released eight-inch Talon Grip FlankJaw pliers, we call it the HJ47ACF with a unique design for significant versatility in both removing and tightening fastness.
First, our unique FlankJaw, formed as a specially designed, smooth and serrated mating area allows the user to grip a hex shape only on the flat service positioning the load away from the corners.
That's similar to our Flank Drive systems on socket, 30% more torque applied to the fastener while still minimizing damages, eliminating rounded edges.
Second, when the fasteners have already been heavily rounded and are tough to grip, our Talon grip, diamond-serrated jaws, joined at -- located at the pliers tip, generate unparallel clamping forces up 57% -- up to a 57% increase in turning power.
With the Snap-on Talon, technicians can remove even the most damaged and rounded hex fasteners.
And for the icing on the versatility cake, the new pliers also feature a patented three position slip joint design for easy changes to the grip position, the HJ47ACF manufactured right here in Milwaukee plant in the U.S., and it's been very well received, putting on a clear path to becoming another one of our hit products, million-dollar selling products just in one quarter.
We also worked hard during the COVID to maintain and further strengthen our brands celebrating our 100th year, continuing our presence in racing.
And most importantly, I think, servicing our customers every day, reinforcing that what they do really is essential and that the display of the Snap-on brand confirms that it's sold.
Some time, the tools group has also been working to expand franchisee selling capacity.
And that effect continued with focus through the pandemic, in the days of the early shock, access to the shops and to the technicians very widely.
And the tools group worked to engage social media and bridging the gap.
This turned into a powerful tool for pre briefing customers on products and promotions reserving the actual face-to-face interaction for closing the deal, providing a significant franchisee opportunity for selling more products and reaching new customers.
Why do you think we're up?
Well, that's the tools group.
Moving through a V-shaped recovery, recording two straight quarters of double-digit expansion, continuing to stream in new products, building the brand, raising selling capacity and strengthening for the future.
Now, let's speak of RS&I.
The RS&I Group, continuing the accommodation and extending its positive trend.
Sales of 361.1 million in the fourth quarter, up 7.8%, 7% organically, excluding a 2.4 million of favorable foreign currency, a steep recovery from the depths of the pandemic.
The rise was due to double-digit gains in OEM dealerships, as auto manufacturers began to release new models and launch more essential programs.
A high single-digit gain in the sales of our powerful diagnostics and repair information products, independent repair shop owners and managers and then offsetting low single-digit decline in sales of under car equipment where garage owners haven't developed sufficient confidence to invest -- to get it invest broadly in upgrading or expanding their facilities.
RS&I operating earnings of 90 million improved 2.8 million as the mix of lower-margin OEM project sales diluted the volume improvement and as the group recorded $1 million in charges for a small European-focused restructuring.
Our diagnostics and information-based operations have recorded continuous growth for some time, the sales to independent repair shop owners and managers.
They've had continuous growth for some time, and innovative new products are the key to that success.
And the fourth quarter was no exception.
We just began shipping our new 20.4 software update for our diagnostics platforms in North America, full coverage for the 2020 vehicles, additional reprogramming facility, increased functional test capabilities and an expansion of our unique advanced driver assistance or ADAS content, so critical these days for engaging vehicle automation.
This software represents another move forward in our already powerful, already market-leading intelligent diagnostics and repair information product lines.
And it's being well received.
and Canada will be upgrading to this very capable new addition before the next update is released in May.
And then, we'll start again.
RS&I is building a powerful position in the vehicle repairs -- in vehicle repair software that meets the changing mobility environment.
And the 20.4 is another step in that direction.
We're confident in the strength of RS&I, and we keep driving to expand its position with repair shop owners and managers, making work easier with great new products even in the days of the virus.
And that's our fourth quarter; absorbing a shock, driving accommodation, moving onto psychological recovery, keeping our people safe while we serve the essential, all of that is working, building Snap-on's advantage and the results show us sequential gains from the third quarter and significant growth from last year, sales up 12.5%, 10.6% organically, OI margin, 20.1%, 220 basis points higher.
Financial service is continuing to deliver, navigating the virus with strength and without disruption, an earnings per share of $3.82, up 24%, all achieved while maintaining and expanding our advantages in products, brands and people, ending the year stronger, ready for more opportunities to come.
It was an encouraging quarter.
Our consolidated operating results are summarized on Slide 6.
Fourth quarter of 2020 was strong with respect to Snap-on's financial performance.
Sales development was robust, both year-over-year and sequentially.
Gross profit and operating earnings margins expanded, and cash flow generation was again healthy.
Net sales of $1.0744 billion in the quarter compared to $955.2 million last year, reflecting a 10.6% organic sales gain, $9.6 million of favorable foreign currency translation and $7.5 million of acquisition-related sales.
The organic increase principally reflected double-digit growth across Snap-on tools segment and high single-digit gains with repair shop owners and managers in the repair systems and information segment.
We've again identified direct costs associated with COVID-19, which totaled $2.8 million this quarter.
These costs include direct labor and under-absorption associated with temporary factory closures, wages for quarantined associates and event cancellation fees, as well as other costs to accommodate the current enhanced health and safety environment.
Also, in the quarter, we recorded $1 million of restructuring cost actions for Europe.
Consolidated gross margin of 48% compared to 47.2% last year.
The 80-basis-point improvement primarily reflects the higher sales volume and benefits from the company's RCI initiatives, partially offset by 30 basis points of unfavorable foreign currency effects and 10 basis points of direct cost associated with COVID-19.
Operating expenses as a percentage of net sales of 27.9%, improved 140 basis points from 29.3% last year, primarily reflecting the impact of the higher sales, which more than offset the 30 basis points related to restructuring and direct costs associated with COVID-19.
Operating earnings before financial services of $216.2 million, including $2.8 million of direct costs associated with COVID-19, $1 million of restructuring costs and $1.5 million of unfavorable foreign currency effects compared to $171.4 million in 2019, reflecting a 26.1% year-over-year improvement.
As a percentage of net sales, operating margin before financial services of 20.1%, including 30 basis points of direct costs associated to the COVID-19 pandemic and 30 basis points of unfavorable foreign currency effects, improved 220 basis points from 17.9% last year.
As you may know, Snap-on operates on a fiscal calendar, which results in an additional week to our fiscal full-year and fourth quarter every six years.
As a result, our 2020 fiscal year contained 53 weeks of operating results with the extra week relative to the prior year occurring in the fourth quarter.
While the impact of this additional week was not material to Snap-on's consolidated fourth-quarter total revenues or net earnings, our financial services segment did earn an additional week of interest income on its financing portfolio.
At the consolidated level, the net earnings benefit from the additional week of financial services interest income was largely offset by a corresponding additional week of fixed expenses, primarily personnel-related costs and interest expense.
With that said, financial services revenue of $93.4 million in the quarter of 2020 compared to $83.9 million last year, primarily reflecting the extra week of interest income and the growth in the financial services portfolio.
Financial services operating earnings of $68.5 million, increased $6.3 million from 2019 levels, principally due to the higher revenue but partially offset by increased variable compensation and other costs; consolidated operating earnings of 284.7 million, including $2.8 million of direct COVID-related costs, $1 million of restructuring costs and $1.3 million of unfavorable foreign currency effects compared to $233.6 million last year.
As a percentage of revenues, the operating earnings margin of 24.4% compared to 22.5% in 2019.
Our fourth-quarter effective income tax rate of 21.8% compared to 22.3% last year.
Finally, net earnings of $208.9 million or $3.82 per diluted share, including a $0.02 charge for restructuring increased $38.3 million or $0.74 per share from 2019 levels, representing a 24% increase in diluted earnings per share.
Now, let's turn to our segment results.
Starting with the C&I Group on Slide 7.
Sales of $364.4 million increased 3.3% from $352.9 million last year, reflecting $7.5 million of acquisition-related sales and $6.5 million of favorable foreign currency translation, partially offset by 0.7% organic sales decline.
While organic sales were essentially flat as compared to last year, they did improve sequentially in a more meaningful manner than what we see in our typical seasonal patterns with organic sales up 14.6% from the third quarter of 2020.
As compared to last year, the organic sales decline primarily reflects a mid- single-digit decrease in our Asia Pacific operations and a low single-digit decline in sales to customers in critical industries, offset by double-digit gains in the segment's European-based hand tools business.
Within Asia, similar to last quarter, sales to customers in India and Southeast Asia continue to be impacted by the effects of the pandemic.
Across critical industries, while year-over-year sales declined in natural resources, including oil and gas, U.S. aviation and technical education, sales into these markets have improved from third-quarter comparisons.
This quarter's year-over-year gains were reflected across international aviation, heavy-duty and non-military government-related activity.
Sales to the U.S. military were lower as compared to the prior year, as the fourth quarter of 2019 included sales for a major project that is winding down.
Sales increases in our European-based hand tool business were evident across the region, particularly in France and the United Kingdom, as well as in our Scandinavian and export markets.
Gross margin of 37.8% improved 230 basis points year-over-year, primarily due to increased sales and higher gross margin businesses and declines in lower gross margin sales to the military, as well as from benefits of RCI initiatives.
These increases were partially offset by 60 basis points of unfavorable foreign currency effects and 20 basis points of direct COVID-19 cost.
Operating expenses as a percentage of sales, 22.4% improved 30 basis points as compared to last year.
Operating earnings for the C&I segment of $56.2 million, including $1.3 million of unfavorable foreign currency effects and $1 million of direct COVID-19 cost compared to $45 million last year.
The operating margin of 15.4% compared to 12.8% a year ago.
Turning now to Slide 8.
Sales in the Snap-on tools group of $494.9 million increased 20.2% from $411.7 million in 2019, reflecting a 19.6% organic sales gain and $2.2 million of favorable foreign currency translation.
This reflects a 9.5% organic sequential gain over a strong third-quarter 2020 sales performance.
Gross margin of 42.9% in the quarter improved 270 basis points, primarily due to the higher sales volumes and benefits from RCI initiatives.
Operating expenses as a percentage of sales of 24% improved from 27% last year, primarily due to the impact of higher sales volumes and savings from cost containment actions, which more than offset $1 million or 30 basis points of COVID-19-related costs.
Operating earnings for the Snap-on tools group of $93.6 million compared to $54.3 million last year.
The operating margin of 18.9% compared to 13.2% a year ago, an increase of 570 basis points.
Turning to the RS&I Group, shown on Slide 9.
Sales of $361.1 million compared to $335 million a year ago, reflecting a 7% organic sales gain and $2.4 million of favorable foreign currency translation.
The organic increase includes a double-digit gain in sales to OEM dealerships, particularly in sales related to OEM facilitation programs and a high single-digit increase in the sales of diagnostics and repair information products to independent repair shop owners and managers.
These increases were partially offset by a low single-digit decline in sales of under car equipment.
Sequentially, RS&I organic sales improved by 13.2%.
Gross margin of 46.1%, including 10 basis points of unfavorable foreign currency effects, declined 160 basis points from last year, primarily due to the impact of higher sales of lower gross margin businesses, including facilitation program related sales to OEM dealerships.
Operating expenses as a percentage of sales of 21.2%, including 30 basis points of cost from restructuring, improved 50 basis points from 21.7% last year, largely reflecting the mix of business activity in the quarter.
Operating earnings for the RS&I group of $90 million compared to $87.2 million last year.
The operating margin of 24.9%, including the effects of 20 basis points of unfavorable foreign currency effects and 10 basis points of direct costs associated with COVID-19 compared to 26% a year ago.
Now, turning to Slide 10.
Revenue from financial services of $93.4 million compared to $83.9 million last year.
This includes the additional days of accrued interest associated with the 53rd week in our 2020 fiscal calendar.
Financial services operating earnings of $68.5 million compared to $62.2 million in 2019.
Financial services expenses of $24.9 million increased $3.2 million from last year's levels, primarily due to higher variable compensation and other costs, partially offset by a year-over-year decrease in provisions for credit losses.
Compared to the fourth quarter last year, provisions for credit losses were lower by $700,000, while net charge-offs of bad debts were lower by $1.3 million.
As a percentage of the average portfolio, financial services expenses were 1.1% and 1% in the fourth quarters of 2020 and 2019, respectively.
In the fourth quarter, the average yield on finance receivables of 17.7% in 2020 compared to 17.5% in 2019.
The respective average yield on contract receivables was 8.5% and 9.2%.
The lower yield on contract receivables in 2020 includes the impact of lower interest business operation support loans for our franchisees.
These loans were offered during the second quarter to help accommodate franchisee operations in dealing with the COVID-19 environment.
As of the end of the quarter, approximately $13 million of these business operating support loans remain outstanding.
Total loan originations of $272.4 million in the quarter increased $10 million or 3.8% from 2019 levels, reflecting a 4.5% increase in originations of finance receivables, while originations of contract receivables were essentially flat.
Moving to Slide 11.
Our year-end balance sheet includes approximately $2.2 billion of gross financing receivables, including $1.9 billion from our U.S. operation.
In the fourth quarter, our worldwide gross financial services portfolio increased $20.8 million.
The 60-day plus delinquency rate of 1.8% for the United States extended credit is unchanged from last year and reflects the seasonal increase we typically experience in the fourth quarter.
As it relates to extended credit or finance receivables, trailing 12-month net losses of $45.6 million represented 2.62% of outstandings at quarter end, down 8 basis points sequentially and down 29 basis points as compared to the same period last year.
Now, turning to Slide 12.
Cash provided by operating activities of $317.6 million in the quarter increased $120.9 million from comparable 2019 levels, primarily reflecting the higher net earnings and net changes in operating assets and liabilities, including a $53.5 million decrease in working investment, primarily driven by inventory reductions in the period.
Net cash used by investing activities of $73.6 million included $35.4 million for the acquisition of AutoCrib, capital expenditures of $26.5 million and net additions to finance receivables of $15.9 million.
Free cash flow during the quarter of $275.2 million was 129% in relation to net earnings.
Net cash used by financing activities of $111.6 million included cash dividends of $66.8 million and the repurchase of 460,000 shares of common stock for $78.7 million under our existing share repurchase program.
Full-year 2020 share repurchases totaled 110,900 shares for $174.3 million.
As of year-end, we had remaining availability to repurchase up to an additional $275.7 million of common stock under existing authorizations.
Turning to Slide 13.
Trade and other accounts receivable decreased $53.9 million from 2019 year-end, days sales outstanding of 64 days compared to 67 days of 2019 year-end, inventories decreased $13.9 million from 2019 year-end, including a $40.1 million inventory reduction, partially offset by increases from $23.2 million of currency translation and $3 million from acquisitions, on a trailing 12-month basis, inventory turns of 2.4 compared to 2.6 at year-end 2019 and 2.4 at the end of the third-quarter 2020, our year-end cash position of $923.4 million compared to $184.5 million at year-end 2019, our net debt-to-capital ratio of 12.1% compared to 22.1% at year-end 2019.
In addition to cash and expected cash flow from operations, we have more than $800 million in available 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.
I'll now briefly review a few outlook items for 2021.
We anticipate that capital expenditures will be in the range of 90 to $100 million.
We currently anticipate absent of any changes to U.S. tax legislation that our full-year 2021 effective income tax rate will be in a range of 23 to 24%.
Snap-on fourth quarter, we are encouraged by where we've been and by where we're going.
You see, we believe that we exit 2020 stronger, more capable and more advantaged than when we entered the year.
The virus came, we absorbed the shock, we accommodated to the turbulence, and we forged the V-shaped recovery, as we anticipated in the depths of the difficulty.
We believe the year is vivid testimony to Snap-on's resilience into our ability in turning change and challenge to our advantage, and the fourth-quarter performance says it so.
Sales up 12.5% as reported, 10.6% organically.
OI margin, 20.1%, up 220 basis points against 30 basis points of unfavorable currency, 10 basis points of restructuring charges and 30 basis points of direct COVID cost, strong improvement.
C&I sales, clear sequential gains.
OI margin of 15.4%, rising 260 points.
Organic sales up 7% organically, OI of 24.9% down, but still in heavy territory.
Financial services revenue and profits all up, portfolio solid in the storm.
And finally, the tools group.
Sales up 19.6% organically, profits up 72.4%, OI margin of 18.9%, rising 570 basis points, good numbers.
But more importantly, underscoring our belief that the franchisee selling capacity has expanded and is positioned for more gains.
And all of that, it all came together to author an earnings per share in the quarter of $3.82, up 24% from 2019; new heights in the great turbulence of 2020.
And these heights were achieved while still nurturing our product, our brand and our people, preserving and amplifying our natural advantages.
We do believe we leave the year at full and expanded strength and ready to reach higher and farther, amid the abundant opportunities of 2021 and the years beyond.
We celebrate your contributions as you perform your essential task, and we're confident your effort in preserving our society will be remembered for years to come.
For your success in authoring the encouraging results of our fourth quarter, you have my congratulations.

user
q4 earnings per share $3.82.
projected that capital expenditures in 2021 will be in a range of $90 million to $100 million.
currently anticipates that its full year 2021 effective income tax rate will be in range of 23% to 24%.
qtrly organic sales up 10.6%.

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