Our reported sales in the quarter were $1,037.7 million.
They were up 10.2%, including $9.6 million of favorable foreign currency and $19.5 million of acquisition-related sales.
Organic sales growth was up 7%, with 7% gains in every group.
opco operating income of $201.3 million was up $15.6 million from last year.
The OI margin was 19.4%, down 30 basis points, impacted negatively by acquisitions, but still very strong at a strong level.
For financial services, operating income of $70.6 million increased 7.6% and the delinquencies were down even below the 2019 pre-pandemic levels, a continued testimony to our unique business model and its ability to navigate the most threatening of environments.
First quarter earnings per share was $3.57, up $0.29 or 8.8% from last year.
Compared with 2019, before we ever heard of the virus, our sales grew $135.9 million or 15.1%, which includes $21 million from acquisition-related sales, $13.6 million of favorable foreign currency and a $101.3 million or 11.1% organic gain.
And that 2021 opco operating margin of 19.4% was up 80 basis points from the pre-pandemic levels, even while absorbing the impact from acquisitions and while meeting what we can call a considerable disruption of these days.
They've been at their post for the last 18 months undoing it, and they won't be shots again, and they are optimistic about the future of their profession, about the outlook of individual transportation, and about the greater need for their skills as the vehicle park changes with new technology.
Our new diagnostic, our new diagnostic TRITON-D10, intelligent diagnostic and our claimed Mitchell 1 ProDemand repair estimating guide, all representing new technologies and data deployed to make work easier in the shop.
In C&I, volume in the quarter rose 13.9% or $42 million versus 2020 on significant growth across all divisions, reflected a $32.9 million or 10.6% organic uplift and $7.5 million from our AutoCrib acquisition.
C&I operating income of $53.6 million was up $10.5 million or 24.4%, and the operating margin was 15.3%.
That's an increase of 130 basis points versus last year.
Now compared to the pre-pandemic 2019 results, sales were up 4.8%, including a 0.9% organic gain.
And that OI margin of 15.3% was up 90 basis points against the 70-point impact of acquisitions and unfavorable currency.
Like our 14.4-volt 3h-inch drive brushless reaction, the CTR at 61.
It's a powerful combination of strength and speed, high torque, 60-foot [Inaudible], the bus loose, very suborn bolts and rapid operations, 275 RPM for getting those fashions off in quick time.
Sale of $471.4 million, up $21.8 million, including $4.9 million of favorable currency and a $16.9 million or 3.7% organic gain.
And the operating margin was 20.8%, one of our highest effort and up 140 basis points from last year.
Compared with the pre-virus 2019 level, the organic gain was $80.4 million or 20.6%.
And the 20.8% operating margin was up 700 basis points compared with the pre-pandemic level, 700 basis points in the midst of operating turbulence.
Over 9,000 attendees, a record.
It's built in our Algona, Iowa factory, and the new part enables young mechanics to invest a step on storage at a value price, while at the same time getting some very attractive professional features, a lockable comp compartment, fourfold distort and adjustable power tool rack that holds up the 10 tools and a power strip with five outlets and two USB ports for battery and device charging.
Over $1 million of sales, it's rising upward on a steep trajectory.
Sales were up 14.8% or $46.9 million, including a $31.7 million or 9.9% organic uplift.
RCI operating earnings were $83.3 million, representing a rise of $3.2 million.
Comparing with 2019, sales grew $41.7 million or 12.9%, including $24.2 million or 7.4% organic gain, nice growth.
The RS&I OI margin was down versus the last two years, attenuated by business mix, acquisitions and currency, but it was still a strong 22.9%.
The overall corporation, organic sales rising 7%.
opco operating margin, 19.4% and earnings per share of $3.57 a considerable rise and most important, more testimony that Snap-on has emerged from the turbulence much stronger than we entered.
Net sales of $1,037.7 million in the quarter increased 10.2% from 2020 levels, reflecting a 7% organic sales gain, $19.5 million of acquisition-related sales and $9.6 million of favorable foreign currency translation.
Additionally, net sales in the period increased 15.1% from $901.8 million in the third quarter of 2019, including an 11.1% organic gain, $21.0 million of acquisition-related sales and $13.6 million of favorable foreign currency translation.
Consolidated gross margin of 50.2% improved 30 basis points from 49.9% last year.
The gross margin contributions from the higher sales volumes, 60 basis points of favorable foreign currency effects and benefits from the company's RCI initiatives more than offset higher material and other costs.
Operating expenses as a percentage of net sales of 30.8% increased 60 basis points from 30.2% last year, primarily due to 60 basis points of unfavorable acquisition effects.
Operating earnings before financial services of $201.3 million compared to $185.7 million in 2020 and $167.7 million in 2019, reflecting an 8.4% and a 20% improvement, respectively.
As a percentage of net sales, operating margin before financial services of 19.4% compared to 19.7% last year and 18.6% in 2019.
Financial services revenue of $87.3 million in the third quarter of 2021 compared to $85.8 million last year, while operating earnings of $70.6 million increased $5 million from 2020 levels, reflecting the higher revenue as well as lower provisions for credit losses.
Consolidated operating earnings of $271.9 million increased 8.2% from $251.3 million last year and 18.9% from $228.7 million in 2019.
As a percentage of revenues, the operating earnings margin of 24.2% compared to 24.5% in 2020 and 23.2% in 2019.
Our third-quarter effective income tax rate of 23.7% compared to 23.4% last year.
Net earnings of $196.2 million or $3.57 per diluted share increased $16.5 million or $0.29 per share from last year's levels, representing an 8.8% increase in diluted earnings per share.
As compared to the third quarter of 2019, net earnings increased to $31.6 million or $0.61 per share, representing a 20.6% increase in diluted earnings per share.
Sales of $351.4 million increased 13.9% from $308.4 million last year, reflecting a 10.6% organic sales gain, $7.5 million of acquisition-related sales, and $2.6 million of favorable foreign currency translation.
As a further comparison, net sales in the period increased 4.8% from 2019 levels, reflecting a $3 million organic sales gain, $7.5 million of acquisition-related sales and $5.6 million of favorable foreign currency translation.
Gross margin of 38.2% improved 90 basis points from 37.3% in the third quarter of 2020.
Operating expenses as a percentage of sales of 22.9% improved 40 basis points as compared to last year, primarily due to the improved volumes, which were partially offset by higher travel and other costs.
Operating earnings for the C&I segment of $53.6 million compared to $43.1 million last year.
The operating margin of 15.3% compared to 14% a year ago.
Sales of Snap-on Tools Group of $471.4 million increased 4.8% from $449.8 million in 2020, reflecting a 3.7% organic sales gain and $4.9 million of favorable foreign currency translation.
Net sales in the period increased 22.4% from $385.2 million in the third quarter of 2019, reflecting a 20.6% organic sales gain and $5.8 million of favorable foreign currency translation.
Gross margin of 45.8% in the quarter improved 30 basis points from last year, primarily due to the higher sales volumes and 130 basis points from favorable foreign currency effects, which offset higher material and other costs.
Operating expenses as a percentage of sales of 25% improved from 26.1% last year, primarily reflecting the higher sales.
Operating earnings for the Snap-on Tools Group of $98.2 million compared to $87.1 million last year.
The operating margin of 20.8% compared to 19.4% a year ago, an improvement of 140 basis points.
Sales of $364.4 million compared to $317.5 million a year ago, reflecting a 9.9% organic sales gain, $12 million of acquisition-related sales and $3.2 million of favorable foreign currency translation.
As compared to 2019 levels, net sales increased $41.7 million from $322.7 million, reflecting a 7.4% organic sales gain, $13.5 million of acquisition-related sales and $4 million of favorable foreign currency translation.
Gross margin of 46.8% declined from 47.3% last year, primarily due to the impact of higher sales and lower gross margin businesses, increased material and other costs and 10 basis points of unfavorable foreign currency effects.
These declines were partially offset by savings from RCI initiatives and 60 basis points of benefits from acquisitions.
Operating expenses as a percentage of sales of 23.9% increased 180 basis points from 22.1% last year, primarily due to 170 basis points of unfavorable acquisition effects.
Operating earnings for the RS&I Group of $83.3 million compared to $80.1 million last year.
The operating margin of 22.9% compared to 25.2% a year ago.
Revenue from financial services of $87.3 million compared to $85.8 million last year.
Financial services operating earnings of $70.6 million compared to $65.6 million in 2020.
As a percentage of the average portfolio, financial services expenses were 0.8% and 0.9% in the third quarter of 2021 and 2020, respectively.
In the third quarters of both 2021 and 2020, the average yield on finance receivables was 17.8%.
The respective average yield on contract receivables were 8.5% and 8.4%, respectively.
Total loan originations of $269.3 million in the third quarter increased $16.5 million or 6.5% from 2020 levels, reflecting a 5.7% increase in originations of finance receivables and a 9.5% increase in originations of contract receivables.
Our worldwide gross financial services portfolio increased $7.5 million in the third quarter.
The 60-day plus delinquency rate of 1.4% for U.S. extended credit compared to 1.5% in the third quarter of 2020 and 1.7% in the third quarter of 2019.
On a sequential basis, the rate is up 20 basis points, reflecting the typical seasonal increase of 20 to 30 basis points we experienced between the second and third quarters.
As it relates to extended credit or finance receivables, trailing 12-month net losses of $42.7 million represented 2.48% of outstanding at quarter end, down 22 basis points as compared to the same period last year.
Cash provided by operating activities of $186.4 million in the quarter reflects 92.5% of net earnings.
While this represents a decrease of $37.6 million from 2020 levels, this cash conversion rate compares favorably with 77.5% of net earnings in both the third quarters of 2019 and 2018.
The decrease from the third quarter of 2020, primarily reflects the higher net earnings being more than offset by net changes in operating assets and liabilities, including a $61.9 million increase in working capital.
Net cash used by investing activities of $29.7 million included net additions of finance receivables of $7.6 million and $16.2 million of capital expenditures.
Net cash used by financing activities of $385.8 million included $250 million in senior note repayments, cash dividends of $66.3 million and the repurchase of 300,000 shares of common stock for $66.5 million under our existing share repurchase programs.
As of quarter end, we had remaining availability to repurchase up to an additional $197 million of common stock under existing authorizations.
Trade and other accounts receivable increased $12.5 million from 2020 year end.
Days sales outstanding of 56 days compared to 64 days of 2020 year-end.
Inventories increased $43.1 million from 2020 year-end.
On a trailing 12-month basis, inventory turns of 2.7 compared to 2.4 at year-end 2020.
Our quarter end cash position of $735.5 million compared to $923.4 million at year-end 2020.
Our net debt to capital ratio of 10.3% compared to 12.1% at year-end 2020.
In addition to cash and expected cash flow from operations, we have more than $800 million in available credit facilities.
We now forecast that capital expenditures will approximate $90 million.
tax legislation that our full year 2021 effective income tax rate will be in the range of 23% to 24%.
Our broad product line, more than 80,000 SKUs supports flexible marketing to guide around shortages, and our RCI culture drives cost offsets.
C&I sales up both from last year and 2019, OI margin, 15.3% strong and rising 130 basis points and 90 basis points versus 2020 and 2019, respectively.
RS&I, up organically, 9.9% versus last year and 7.4% beyond the pre-pandemic levels.
OI margins of 22.9%.
And the Tools Group, organic volume rising 3.7% versus last year's record level and up 20.6% versus the day before the virus.
OI margin, it was 20.8%, up 140 basis points from last year and up 700 basis points from 2019.
It all led to our corporation being organically up 7% compared with last year and a strong 11.1% versus pre-pandemic numbers.
Overall, OI margin was 19.4%, solid in the face of turbulence in our credit company, navigating then certainly without disruptions.
And EPS, $3.57, rising emphatically versus all comparisons.
We've now recorded 5, 5 straight quarters of above pre-pandemic performances, and we believe that with our markets reaching beyond resilience to exhilaration, with the capabilities of our model to overcome the challenges of the environment, and with a considerable advantage nurtured by our continuing investment in product, brand and people will continue to rise, maintaining our upward trajectory through the end of this year and well beyond.

Summary:
First quarter earnings per share was $3.57, up $0.29 or 8.8% from last year.
And that OI margin of 15.3% was up 90 basis points against the 70-point impact of acquisitions and unfavorable currency.
opco operating margin, 19.4% and earnings per share of $3.57 a considerable rise and most important, more testimony that Snap-on has emerged from the turbulence much stronger than we entered.
Net earnings of $196.2 million or $3.57 per diluted share increased $16.5 million or $0.29 per share from last year's levels, representing an 8.8% increase in diluted earnings per share.
Gross margin of 38.2% improved 90 basis points from 37.3% in the third quarter of 2020.
We now forecast that capital expenditures will approximate $90 million.
C&I sales up both from last year and 2019, OI margin, 15.3% strong and rising 130 basis points and 90 basis points versus 2020 and 2019, respectively.
And EPS, $3.57, rising emphatically versus all comparisons.