Snap-on posts envious 3Q financial results

Oct. 24, 2008

Snap-on Inc. recorded net income of $54.6 million on net sales of $697.8 million for its third quarter ended Sept. 30, 2008. That compares to earnings of $41.1 million on sales of $680.7 million for the same period a year ago.

The comparative increases in net income (32.8%) and net sales (2.5%) were matched by the company's third-quarter operating income, which rose 19.3% to $86.4 million. Snap-on's income-to-sales ratio was 7.8%.

"We continue to focus on fortifying our already strong business models, pursuing geographic and customer diversification, and driving our value creating processes, including innovation and rapid continuous improvement," says CEO and President Nick Pinchuk.

"These are the activities that have created the string of encouraging results over the last few years, and we're confident they will serve us well going forward."

Pinchuk defines "going forward" as continuing to invest in strategic growth initiatives aimed at expanding value provided to Snap-on's traditional customers; penetrating new and adjacent segments; and extending its presence in the emerging markets of Asia/Pacific and Eastern Europe.