Snap-on posts higher profit in 2nd quarter

By Associated Press | More Articles
July 23, 2010 | Comments (0)

Snap-on Inc. on Friday reported that its second-quarter sales and net income rose. The tool maker also said it will expand cost-cutting steps because of the weak global economy.

Snap-on said it earned $45.3 million, or 78 cents per share, up from $37.4 million, or 65 cents per share, in the same period a year earlier.

Revenue grew 9.8 percent to $647.6 million.

Analysts expected the company to earn 75 cents per share on $636.9 million revenue.

Snap-on said it spent $6.3 million on restructuring in the first half and expected that to grow to $15 million by year end. The company expects $50 million in capital spending for the year. The company recorded $12.3 million in capital spending in the first half of the year.

Shares rose 74 cents to $45.27 in afternoon trading.

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