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Snap-On 3Q Profit Soars 83% As Demand Continues To Stabilize

DOW JONES NEWSWIRES Snap-on Inc.'s (SNA) third-quarter earnings surged 83% as the toolmaker saw demand continue to stabilize and the results beat analysts' expectations. Snap-on controls about 55% of the professional tool market, where it competes with Stanley Black & Decker Inc.'s (SWK) Mac Tools unit and Danaher Corp.'s (DHR) Matco, according to Morningstar estimates. Snap-on gets more than half its sales from the U.S. and from the auto sector but has sought growth in emerging markets and higher-margin segments such as power generation and aerospace. Prior cost cutting also has boosted margins in recent quarters. The company reported a profit of $46.5 million, or 80 cents a share, up from $25.4 million, or 44 cents a share, a year earlier. Revenue increased 12% to $653.1 million after falling 17% a year ago. Analysts polled by Thomson Reuters most recently forecast earnings of 68 cents a share on revenue of $622 million. Gross margin rose to 46.1% from 44.8%. Commercial and industrial segment, its largest by revenue, saw sales rise 19% and earnings more than triple on the higher sales and prior restructuring efforts. The tools group posted 11% sales growth, but earnings fell 4.4% amid 2009 inventory gains. The financial-services business returned to the black as revenue more than doubled to $17.2 million primarily on its portfolio growth since it ended a joint venture last fall with CIT Group Inc. (CIT) in which it had sold loans made to Snap-on customers. Snap-on shares closed Thursday at $48.79 and were inactive premarket. The stock is up 30% the past year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481;

Stock News for Snap On (SNA)
05/17/201617:56:10Statement of Changes in Beneficial Ownership (4)
05/03/201609:00:00Snap-on to Present at Oppenheimer 2016 Industrial Growth Conference
05/02/201617:32:14Statement of Changes in Beneficial Ownership (4)
05/02/201617:23:35Statement of Changes in Beneficial Ownership (4)
05/02/201617:23:07Statement of Changes in Beneficial Ownership (4)
05/02/201617:22:17Statement of Changes in Beneficial Ownership (4)
04/29/201617:52:00Current Report Filing (8-k)
04/28/201617:01:00Snap-on Incorporated Declares Quarterly Dividend
04/26/201618:55:17Statement of Changes in Beneficial Ownership (4)
04/21/201611:06:42Quarterly Report (10-q)
04/21/201606:36:18Current Report Filing (8-k)
04/21/201606:30:00Snap-on Announces First Quarter 2016 Results
04/14/201610:00:00Snap-on to Webcast Annual Shareholder Meeting Live via the Internet
04/07/201610:00:00Snap-on Incorporated to Webcast 2016 First Quarter Results Conference...
03/10/201618:10:20Statement of Changes in Beneficial Ownership (4)
03/07/201616:51:16Statement of Changes in Beneficial Ownership (4)
03/04/201616:47:06Statement of Changes in Beneficial Ownership (4)
03/02/201617:56:36Statement of Changes in Beneficial Ownership (4)
02/19/201617:15:50Statement of Changes in Beneficial Ownership (4)
02/16/201617:20:37Statement of Changes in Beneficial Ownership (4)

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