BRIEF: Snap-On Inc. profits drop sharply

Thu. October 29, 2009; Posted: 03:24 PM

Oct 29, 2009 (Milwaukee Journal Sentinel - McClatchy-Tribune Information Services via COMTEX) -- SNA | Quote | Chart | News | PowerRating -- Snap-On Inc., the Kenosha based maker of automotive tools and engine diagnostics equipment, reported a steep decline in third-quarter profits Thursday and said it was difficult to predict when business would return to normal levels.

Snap-On said its quarterly profit fell 53% to $25.4 million, or 44 cents per share, from $54.6 million, or 94 cents per share, a year ago. Sales declined nearly 17% to $581.8 million from $697.8 million in the third quarter of 2008.

In a news release, Nick Pinchuk, company president, chairman and 'CEO said:

"Snap-On's third-quarter performance showed some encouraging signs despite the continuing economic headwinds, which were particularly evident in Europe."

"We simply cannot predict the timing or shape of an economic recovery," Pinchuk added.

For the first nine months of the year, Snap-On reported net earnings of $97.6 million, or $1.69 per share, compared with $178.1 million, or $3.06 per share, for the first nine months of 2008. Sales for the period fell 20% to $1.7 billion.

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For full details on Snap-On Inc (SNA) click here. Snap-On Inc (SNA) has Short Term PowerRatings of 5. Details on Snap-On Inc (SNA) Short Term PowerRatings is available at This Link.

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