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KENOSHA, Wis., July 23, 2010 (BUSINESS WIRE)--Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users, today announced operating results for the second quarter of 2010. 

• Sales of $647.6 million increased $57.6 million, or 9.8%, from 2009 levels, including $0.9 million of favorable foreign currency translation. 
• Gross profit of $303.8 million improved to 46.9% of sales compared with 43.1% a year ago.  
• Operating earnings before financial services of $79.0 million increased $25.3 million, or 47.1%, from prior-year levels and, as a percentage of sales, improved to 12.2% compared with 9.1% a year ago.  
• Financial services operating earnings of $1.7 million in the quarter improved from a loss of $1.7 million in the first quarter of 2010. Financial services operating earnings were $16.6 million in the second quarter of 2009. The expected year-over-year decline resulted from the July 16, 2009 termination of the financial services joint venture with CIT Group Inc. 
• The effective income tax rate in the second quarter was 31.2% in 2010 compared with 31.9% in 2009. 
• Net earnings of $45.3 million, or $0.78 per diluted share, increased from $37.4 million, or $0.65 per diluted share, a year ago despite $11.0 million, or $0.19 per diluted share, of lower financial services net earnings. 

"Our second quarter results provide further testament to the benefits we continue to realize through our unwavering commitment to the Snap-on Value Creation Processes,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “We’re encouraged by the higher sales and operating margins on both a year-over-year and sequential basis, particularly since the shape of the global economic recovery is still not yet fully evident. Furthermore, our financial services transition remains well on track as we realized positive operating income in that segment for the quarter. In addition, we believe we’re making significant progress on our most important strategic initiatives: to enhance the franchisee network, to expand in vehicle repair facilities, to extend in critical industries, and to build in emerging markets. We believe that our advancements in those areas place Snap-on in a strong position to take full advantage of the global economic recovery, however it occurs. As always, I wish to thank our franchisees and our associates worldwide for their significant second quarter achievements and ongoing commitment.” 

Click here for the full release. 

 Snap-on Second Quarter 2010 Results Webcast
       Friday, July 23, 2010 at 11:00 am ET/10:00 am CT  

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