Snap-on Announces First Quarter 2011 Results

Snap-on Incorporated SNA, a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced operating results for the first quarter of 2011. Sales of $693.7 million increased $72.1 million, or 11.6%, from 2010 levels; excluding $9.1 million of favorable foreign currency translation, organic sales increased 10.0%. Gross profit of $330.6 million improved to 47.7% of sales compared with 46.3% a year ago. Operating earnings before financial services of $87.3 million increased $15.6 million from 2010 levels and, as a percentage of sales, improved to 12.6% from 11.6% a year ago. Financial services operating earnings of $12.5 million increased $14.2 million from 2010 levels primarily due to continued growth in the company's on-book finance portfolio. Consolidated operating earnings of $99.8 million increased $29.8 million, or 42.6%, from 2010 levels; as a percentage of revenues, operating earnings improved to 13.9% from 11.1% a year ago. Net earnings of $56.2 million, or $0.96 per diluted share, increased from $36.8 million, or $0.63 per diluted share, a year ago.