Nicholas T. Pinchuk
Chairman and Chief Executive Officer at Snap-on
Thanks, Sara. Good morning, everybody. As usual. I will start the call by covering the highlights of third quarter with an update on the environment and the trends we see, I'll take you through some of the turbulence we encountered [Speech Overlap]. Aldo will provide a more detailed [Speech Overlap] story of the Snap-on core. Apparently. We have some cross-talk here, but the story of the Snap-on quarter is momentum overcoming challenges, momentum rooted in the resilience of our market, the capability of our great team and the tactical and strategic advantage in our product, our brand and our models; all coming together to create considerable and ongoing strength.
In effect, the third quarter once again demonstrated our ability to continue a trajectory of positive results despite the headwinds and the numbers they say it so. Our reported sales of the quarter of $1,102.5 million were up $64.8 million or 6.2% versus last year, including $39.1 million of unfavorable foreign currency. Organic sales grew 10.4% with gains in every group, our ninth straight quarter of year-over-year expansion and if you compare to the pre-pandemic of 2019, you see a clear and unmistakable upward drive versus 2019 sales were up 22.3% as reported and 22.8% organically continuing our positive trend and accelerating our expansion, demonstrating that we're only getting stronger every day, I did say momentum.
Quarter also bears the mark of Snap-on Value Creation Processes, safety, quality, customer connection, innovation and rapid continuous improvement or RCI, once again they all combined to offer significant progress and progress there was. Opco operating income of $223.5 million increased $22.2 million from last year and the opco operating margin was 20.3%, up 90 basis-points from last year and rising a 170 basis points over 2019. For financial services, operating income of $66.4 million compared to the $70.6 million of last year, a decrease reflecting the forecasted return to more usual provision levels and that result combined with opco for a consolidated margin of 24.4% up 20 basis-points from last year and a 120 basis point improvement from 2019.
The quarterly EPS was $4.14, rising 16% over the $3.57 from a year ago and 39.9% over the $2.96 recorded in 2019, a significant gain. I've said it before and I'll say it again we believe Snap-on is stronger now than when we entered this great withering and the third quarter results are an unmistakable confirmation of that fact. Well, those are the numbers.
Now let's speak about the markets. Auto repair continues to remain strong. The key metrics are all favorable. Spending on vehicle maintenance and repair, the vehicle technician count and technician wages are up, up and up again. It's no wonder the repair industry is resilient. Repair spending is rising. The cars are more complex, they need more repairs and it costs more. The technician count, it's at its highest point in three decades and shop owners keep telling me they need more, many more. Wages continue to grow. They simply reflect the increased demand for the skills that are now necessary to complete critical repair tasks. It's never been more evidenced that repairing a modern vehicle with the new technologies is difficult, it's an exercise of extraordinary skill and the salaries are rising to show it.
Auto repair is resilient. When I meet with the people at a shop, as I often do, our franchisees and our technician customers, you can feel their exhilaration in the now and their confidence in the future and they're making sure they can participate in that future by being ready with the tools they need. Vehicle repair, it's a space filled with opportunity, you can hear it in the optimism in the voices of the shop and you can see it clearly confirms in Snap-on's performance. But it's not just the techs, shop owners and managers are also big players in the rise of repair and Repair Systems & Information Group or RS&I is positioned to take advantage. Everybody knows that cars are scarce, new and used, but for Snap-on that doesn't matter. Repair and collision shops are busy. It's a tool we like very much and it's evident in the rising sales of our undercar equipment and collision businesses, both strong. You have a repair shop today, you see a bright future with changing technologies and you want to be ready.
New vehicles are being released with a greater variety of drivetrains than ever, from internal combustion engines to hybrid to plug-in electric to full electric and the range of options is growing, more driver assist, more vehicle automation, increasing vehicle complexity and we're ready to help the repair shops to keep pace with powerful products like our range of FastTrack intelligent Diagnostics, the ZEUS, the TRITON, the APOLLO handheld, enabling repair at all levels, like our celebrated Mitchell1 ProDemand repair information, our award-winning Tru-Point Advanced Driver Assistance calibration system and our 3D alignment systems like the new Hofman Geoliner, all representing new technologies and all wielding big databases deployed to make work easier in the shop. Vehicle repair looks more promising than ever and Snap-on is positioned to capitalize.
Now, let's talk about the critical industries where the Snap-on brand rolls out-of-the garage solving tasks of consequence. This is where commercial industrial or C&I operates with our broadest reach into international markets and with the locations impacted the most by the challenges of the day. I mean C&I is headwind to headquarters, supply changes adoption, rising commodity costs, uncertain fuel supply, currency fluctuations, continuing COVID-19 lockdowns, troubled economies and war in Ukraine, well C&I had it all, but it rose to the occasion and in the quarter the Group took some lumps in Europe, but overcame with strong gains in North-America and in Asia despite the difficulties and while the military sector is still down, C&I's critical industries -- the other C&I critical industries are all showing life.
So, I describe our C&I market as challenged in certain geographies, but demonstrating continuing gains and having strong enough and ongoing possibilities going-forward and coupled with our auto repair related businesses, we believe there is clear and compelling opportunity along our runways for growth, enhancing the brand network, expanding with repair shop owners and managers, extending the critical industries and building an emerging market and in the quarter, we've seen that potential pay-off nicely.
At the same time, it's clear that we have are ongoing possibilities on our runways for improvement. The Snap-on Value Creation Processes, they've never been more important, helping to counter the turbulence of the day, especially important is with customer connection, understanding the work of professional technicians and innovation matching that insight with technology driving new products. And just this quarter, Snap-on was prominently recognized with five P10 Professional Tools and Equipment News Innovation awards and we're also honored with two MOTOR Magazine Top Tool awards and a central driver of our growth is the innovative products that make work easier and the award hard-won. Our testimony that great Snap-on products just keep coming, matching the growing complexity, the task becoming more central to technicians and driving our positive results.
Now let's turn to the segments. In the C&I Group, sales in the quarter of $356.8 million were up 1.5% or $5.4 million as reported versus 2021, including a $26.2 million or 7.9% organic uplift, operating progress across all divisions, which was offset partially by $20.8 million in unfavorable foreign currency. From an earnings perspective, C&I operating income of $52.3 million, including $2.1 million of unfavorable currency represents a decrease of $1.3 million compared to 2021. The effects of volume gains were more than offset by the substantial impact of currency and by supply chain inefficiencies. The OI margin was 14.7%, down from last year, but still representing the highest-level since the rise of the significant supply turbulence. Compared with the pre-pandemic levels, sales were up 7.7% organically and the OI margin of 14.7% percent was up 30 basis points despite a 60 basis points negative impact of acquisitions and unfavorable currency.
Now, we remain committed to extending in critical industries, the C&I sweet spot and we'll keep strengthening our position to capture those opportunities as they arise and enabling that intent is our expanding C&I lineup of innovative products, designed specifically to make critical work easier. One example is our brushless CTR9015 18-volt drill, the newest member of our monster lithium family aimed at industrial manufacturing and repair professionals, enabling work with the toughest materials, 470 inch pounds of torque enough to handle even hardened alloys, 2000 RPM, speed to get the job done quickly and with the heavy-duty gearing and the enhanced cooling this tool is rugged, durable even in extreme use.
The 9015 also offers an 18-speed clutch, a variable speed trigger and two-speed gearbox all for precise control, a feature that's essential for serious drilling, for professional drilling. And the 18-volt battery with 5AF power ensures consistent output and extended runtime, in effect less charging for a more efficient workday, tool is also fitted with a 100 lumen headlight helping technicians work-in dark environments, just what's needed for those close-up jobs. The CTR9015, it's got power, speed, precision and durability, it's a great tool and the techs know it, they've already made the new drill one of our $1 million hit products. So that's C&I, continued progress against the turbulence.
Now on to the Tools Group, the team just keeps driving upward, leaving the pre-pandemic levels behind by a wider distance every quarter. Sales of $496.6 million were up $25.2 million or 5.3% over 2021, organic growth of $34.1 million or 7.4%, partially offset by $8.9 million of unfavorable foreign currency. The operating margin was 20.6%, down slightly 20 basis points, but overcoming a 40 basis points of unfavorable foreign currency compared with pre-virus 2019 sales were $111.4 million or 28.9% including a $113 million or 29.5% organic gain and this quarter's 20.6% operating margin was up 680 basis points versus 2019, coming out-of-the pandemic stronger indeed.
The Tools Group is responding to the challenges of the day, increasing its product advantage, fortifying its brands, further enabling the franchisees, guiding them to more selling capacity and [Indecipherable], you can witness it in anytime you meet the franchisees. One big opportunity for that is our Annual Snap-on Franchisee Conference or SFC held this year at the Gaylord Texan Hotel in Dallas, the theme was breaking barriers, it's a reminder of our record franchisee performance driving ever upward over the last nine quarters and it's a recognition of the clear opportunity to reach even greater heights going-forward. I guess almost 8,000 individuals attended and I can tell you they were pumped, excited by the products where the three football fields of our latest offerings were on display, all available for viewing, handling and ordering and order they did, setting new records.
The weekend also offered a variety of training seminars where franchisees were able to sharpen and expand their skills to selling the full range of our complex and broad product lines, an important movement. We say we're working to expand, the selling capacities are advanced, well the SFC is a big part of that effort and Dallas was another great step forward to that end. You can bet on it. Our entire team, the part of this year's get together in Dallas educated, energized and eager to extend the Snap-on difference, reaching new individual and collective levels of success throughout the days to come. They left excited and strong. The Dallas SFC will lead to breaking barriers. The franchisees enthusiasm for their businesses and their confidence in their future will make it so.
Joining me the Tools Group presented the newest addition to the Snap-on ratchet lineup, our FLL X80, a 3-inch drive extra long locking flex head ratchet. This new innovation provides easy access and superior turning power, Our patented Dual 80 technology makes it stronger and the 20-inch length, the longest in the category provides even great ability to reach deeper in a crowded spaces, extending reach and increasing leverages it's a great addition to any toolbox and as an added bonus, the new [Indecipherable] self-cleaning feature vanishes dirt and grime ensuring that the flex head locks firmly in-place at any angle, even under high-stressed applications. The X80 is a special offering access, leverage and stability in one ratchet. The initial launch exceeded $1 million, a hit product in sales and volume continues to move forward upward on a steep trajectory. Beyond products, we spend time working to expand the franchisee's selling capacity, harnessing social media, improved amount of training, RCI the van operations, it's been effective. Capacity is clearly on the rise and you can see it in the results. The Tools Group is on a very positive trend ascending and leaving pre-pandemic levels well behind and as we said in the SFC, it's breaking new barriers right now and we believe it will all continue.
Now onto our RS&I. Sales of $414 million were up $49.6 million or 13.6% including up $60.8 or 17.2% organic uplift. Growth is weighted toward undercar equipment and sales to OEM dealerships, but our information and diagnostics businesses were also players in the year-over-year improvement. RS&I operating earnings were $95.4 million, representing a $12.1 million increase versus 2021 and the operating margin was up 10 basis points from last year to 23%. Compared with 2019, sales grew $91.3 million or [Technical Issues] including $86 million or 27.2% organic gain. Operating margin was down 280 basis points versus versus 2019, primarily reflecting the business mix and the acquisitions, but at 23% it was still strong.
We see significant potential in in our runways for growth, expanding Snap-on's presence in the garage with coherent acquisitions with a broad array of powerful products and the industry experts feel the same. In fact, our TRITON D10 FastTrack Intelligent Diagnostics was just selected in MOTOR Magazine Top Tool award and rightly so. The D10 is ideal to shop owners or for general technicians, it provides a comprehensive system verification to identify troubled areas, intuitive diagnostic testing to pinpoint repair actions and a powerful lab scope to confirm component level functionality, all-in one package.
The D10 advanced scoping capability helps users dig deep into vehicle systems and evaluate performance with the comparative data and it's FastTrack Intelligent Diagnostics greatly shortcut the work and streamlines the repair processes, making shafts more productive, more prompt. It also offers rugged hardware exclusively designed for -- Snap-on unit also offers rugged hardware exclusively designed for tough shop environments, a super-fast 2-second boot up and a 10-inch touchscreen, it all comes together for unprecedented reliability and speed and ease-of-use. I'm telling you the technicians will tell you it's a powerful product and with the selection of the TRITON MOTOR Magazine -- and with the selection of -- MOTOR Magazine now recognized Snap-on diagnostic units in 22 of the last 23 years. We believe it's more testimony that RS&I is stronger than ever in shops and dealerships.
Well that's the highlights for our quarter. Tools Group strong progress. C&I reporting a positive performance in an upward trajectory against the variations across industries and geographies and RS&I expanding profitable volume with repair shop owners and managers. Snap-on overall sales rising again, 10.4% and 22.8% organically versus last year and the pre-pandemic level respectively, continuing clear and positive growth. Opco operating margins, a robust 20.3% rising again this quarter, up 90 basis-points. EPS for $4.14 cents up versus last year and accelerated well beyond pre-pandemic levels. It was another encouraging quarter.
Now I'll turn the call over to Aldo. Aldo?
