Snap-on Inc. sales rise 5.8% in third quarter

Third quarter earnings increase over prior year.


Operating earnings of $57.9 million in the period increased $8.4 million from 2012 levels and the operating margin of 22.9 percent improved from 22.3 percent a year ago.

Financial services operating earnings of $31.6 million on revenue of $45.1 million in the quarter compared with operating earnings of $27.9 million on revenue of $40.5 million a year ago.

Corporate expenses of $24.5 million in the quarter decreased from $26.9 million last year, primarily due to lower stock-based and mark-to-market expenses.

Snap-on expects to continue with the advancement of its strategic framework designed to enhance its mobile tool distribution network, expand in the vehicle repair garage, extend to critical industries and build in emerging markets. In pursuit of these initiatives, Snap-on anticipates that capital expenditures in 2013 will approximate $75 million. Snap-on also expects that its full year 2013 effective income tax rate will be comparable to its 2012 rate.

 

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