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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; Tess.Stynes@dowjones.com

Stock News for Snap On (SNA)
DateTimeHeadline
06/24/201513:03:24Annual Report of Employee Stock Plans (11-k)
06/11/201517:03:37Statement of Changes in Beneficial Ownership (4)
05/29/201516:47:27Specialized Disclosure Report (sd)
05/20/201512:15:10What Is the S&P 500 Index?
05/15/201517:42:30Statement of Changes in Beneficial Ownership (4)
05/11/201517:12:23Statement of Changes in Beneficial Ownership (4)
05/07/201516:53:17Statement of Changes in Beneficial Ownership (4)
05/01/201517:26:41Statement of Changes in Beneficial Ownership (4)
05/01/201517:23:41Statement of Changes in Beneficial Ownership (4)
05/01/201517:20:36Statement of Changes in Beneficial Ownership (4)
05/01/201517:17:35Statement of Changes in Beneficial Ownership (4)
05/01/201517:14:09Statement of Changes in Beneficial Ownership (4)
05/01/201516:51:35Current Report Filing (8-k)
05/01/201516:03:00Snap-on to Present at 2015 Baird Growth Stock Conference
04/30/201516:10:00Snap-on Incorporated Declares Quarterly Dividend
04/29/201517:26:36Statement of Changes in Beneficial Ownership (4)
04/27/201516:37:00Snap-on to Webcast Annual Shareholder Meeting Live via the Internet
04/23/201511:30:39Wunderlich Raises Snap-on Price Target to $180.00 (SNA)
04/23/201511:16:11Quarterly Report (10-q)
04/23/201507:06:45Current Report Filing (8-k)

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