DOW JONES NEWSWIRES
Snap-On Inc.'s (SNA) first-quarter earnings rose 6% on higher
sales and margins, with results topping expectations.
The maker of a host of tools such as automotive diagnostic
equipment saw sales suffer as demand fell during the economic
downturn as construction and home-improvement projects slowed.
Chairman and Chief Executive Nick Pinchuk said continuing
efforts to enhance the franchisee network, expand in the auto
repair garage, and a focus on emerging markets will put Snap-on in
a strong position as the global economy begins to recover.
Snap-On reported a profit of $36.8 million, or 63 cents a share,
up from $34.8 million, or 60 cents a share, a year earlier. Revenue
increased 8.6% to $621.6 million.
Analysts polled by Thomson Reuters had most recently forecast
earnings of 52 cents on $586 million in revenue.
Gross margin rose to 46.3% from 45.2% amid the sales gains.
Snap-On's commercial and industrial business, its largest by
sales, saw the biggest profit and revenue gains.
Shares closed at $44.80 Monday and were inactive premarket. The
stock has risen 62% in the past year.
-By Jodi Xu, Dow Jones Newswires; 212-416-3037;
jodi.xu@dowjones.com