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%.
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.
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.
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.
In 2021, we had more hit $1 million projects than ever before.
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.
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.
C&I operating income was $50.1 million, down $6.1 million, including $1.2 million of unfavorable currency.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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%.
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.

Summary:
Organically, our sales grew by 2.3%.
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.
EPS $4.10 a considerable rise to new heights.
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.
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.
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%.
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.