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KENOSHA, Wis., October 29, 2009 (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 operating results for the third quarter of 2009.  Sales of $581.8 million declined 16.6% compared to a year ago; foreign currency translation contributed 3.0 percentage points of the sales decline. 

• Gross profit of $260.5 million represented 44.8% of sales compared to 44.7% a year ago, with Rapid Continuous Improvement (RCI) offsetting the impact of lower production volume and capacity carrying costs.
• Operating earnings of $48.7 million include $4.7 million of restructuring costs and a loss of $5.3 million from Financial Services due to the July 16, 2009 termination of the financial services joint venture with The CIT Group, Inc. A year ago, operating earnings of $86.4 million included $1.4 million of restructuring costs and $4.8 million of income from Financial Services.
• Cash flow from operations of $80.1 million increased from $21.8 million in the third quarter of 2008 primarily due to improved working capital management, principally as a result of an increased emphasis on inventory reduction. 
• Net earnings of $25.4 million declined $29.2 million from a year ago. The 2009 loss from Financial Services, when compared to the income earned in 2009, contributed $7.4 million of this decline. Higher after-tax interest expense and restructuring costs contributed another $6.4 million of the year-over-year net earnings decline.     

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Snap-on at the 2009 RW Baird Industrial Conference 
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Baird Presentation Slides - PDF Format

Snap-on Third Quarter Results Conference Call Webcast 
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