Snap-On profits rise 45%

Snap-On Inc. is the latest Wisconsin manufacturer to post impressive third quarter results, as manufacturing remains one of the few strong spots in the economy.
The Kenosha-based manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions reported quarterly net earnings of $67.8 million, or $1.16 per diluted share, up 45.8 percent from $46.5 million, or 80 cents per diluted share, during the third quarter of 2010.
The company reported quarterly sales of $697.2 million, up 6.8 percent from the third quarter of 2010.
“We are pleased with our results for the third quarter, which we believe provide further evidence of the progress being made along each of our runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets,” said Nick Pinchuk, Snap-on chairman and chief executive officer.