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KENOSHA, Wis., February 4, 2010 (BUSINESS WIRE)-- Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, diagnostics, equipment, software and service solutions for professional users, today announced 2009 financial results for the fourth quarter and full year.

• Sales of $618.1 million in the quarter were up $36.3 million, or 6.2%, sequentially from third-quarter 2009 levels.  Fourth-quarter 2009 sales declined 7.4% from 2008 levels; excluding foreign currency translation, organic sales declined 11.1%.
• Gross profit of $284.4 million in the quarter represented 46.0% of sales compred with 44.8% in the 2009 third quarter and 44.9% a year ago.
• Operating earnings before financial services in the 2009 fourth quarter were 11.5% of sales compared with 9.3% in the 2009 third quarter and 13.2% in the strong fourth quarter of a year ago.  The fourth quarter operating loss from financial servcies of $3.8 million was due to the July 2009 termination of the financial services joint venture with CIT Group Inc.  In the fourth quarter of 2008, financial services contributed $8.9 million of operating income.
• Operating cash flow of $96.7 million in the quarter increased from $47.8 million last year.  For the full year, operating cash flow of $347.1 million in 2009 increased $126.7 million over 2008 levels.
• Net earnings of $36.6 million, or $0.63 per diluted share, for the fourth quarter of 2009 increased $11.2 million, or $0.19 per diluted share, from 2009 third quarter levels.  Fourth quarter net earnings declined $22.0 million, or $0.38 per diluted share, from record 2008 earnings levels, with financial services contributing $9.8 million, or $0.17 per diluted share, of the decline.
• Full year sales of $2.36 billion declined 17.2% from 2008 levels; excluding 3.0 percentage points of foreign currency translation, organic sales declined 14.2%.  Full year net earnings of $134.2 million, or $2.32 per diluted share, compared to net earnings of $236.7 million, or $4.07 per diluted share, in 2008, with financial services contributing $17.6 million, or $0.30 per diluted share, of the decline.

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Snap-on Fourth Quarter and Full Year 2009 Results Webcast
February 4, 2010 - 10:00 a.m. Eastern/9:00 a.m. Central
 

Snap-on at the 2009 RW Baird Industrial Conference 
Replay

Baird Presentation Slides - PDF Format

Snap-on Incorporated is the owner of the trademark SNAP-ON registered in the United States and other countries, and also claims rights associated with its unregistered trademarks. ©2009 Snap-on Incorporated; All rights reserved.