JC23
Well-known member
They're doing just fine according to this report today...
KENOSHA, Wis. – Snap-on has announced operating results for the first quarter of 2012.
The company reported sales of $735.2 million, an increase $41.5 million, or 6 percent, from 2011 levels; excluding $6.7 million of unfavorable foreign currency translation, organic sales increased 7 percent.
Net earnings of $71 million, or $1.21 per diluted share, increased $14.8 million, or 25 cents per diluted share, from $56.2 million, or 96 cents per diluted share, a year ago.
“We are pleased to begin 2012 with this encouraging first quarter performance, which we believe offers evidence that Snap-on’s value proposition continues to resonate with our expanding customer base of serious professionals performing critical tasks,” said Nick Pinchuk, Snap-on chairman and CEO. “At the same time, we believe these results underscore our commitment to the Snap-on Value Creation Processes that define our path for improvement. We also believe this performance provides clear testimony to our further advancements along our defined runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending into critical industries, and building in emerging markets. The encouraging trend that is reinforced by this quarter’s results once again reflects substantial energy and effort from the entire Snap-on team. In that regard, I thank our franchisees and associates worldwide for their significant contributions and for their ongoing dedication.”
Outlook
In 2012, Snap-on expects to continue with its planned strategic investments 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 2012 will be in a range of $60 million to $70 million, of which $21.8 million was spent in the first quarter. Restructuring expenses in the second quarter of 2012 are expected to approximate $8 million, including the settlement of a pension plan related to the 2011 closure of the company’s Newmarket, Canada, facility. Snap-on also anticipates that its full year 2012 effective income tax rate will approximate 33.5 percent.
KENOSHA, Wis. – Snap-on has announced operating results for the first quarter of 2012.
The company reported sales of $735.2 million, an increase $41.5 million, or 6 percent, from 2011 levels; excluding $6.7 million of unfavorable foreign currency translation, organic sales increased 7 percent.
Net earnings of $71 million, or $1.21 per diluted share, increased $14.8 million, or 25 cents per diluted share, from $56.2 million, or 96 cents per diluted share, a year ago.
“We are pleased to begin 2012 with this encouraging first quarter performance, which we believe offers evidence that Snap-on’s value proposition continues to resonate with our expanding customer base of serious professionals performing critical tasks,” said Nick Pinchuk, Snap-on chairman and CEO. “At the same time, we believe these results underscore our commitment to the Snap-on Value Creation Processes that define our path for improvement. We also believe this performance provides clear testimony to our further advancements along our defined runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending into critical industries, and building in emerging markets. The encouraging trend that is reinforced by this quarter’s results once again reflects substantial energy and effort from the entire Snap-on team. In that regard, I thank our franchisees and associates worldwide for their significant contributions and for their ongoing dedication.”
Outlook
In 2012, Snap-on expects to continue with its planned strategic investments 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 2012 will be in a range of $60 million to $70 million, of which $21.8 million was spent in the first quarter. Restructuring expenses in the second quarter of 2012 are expected to approximate $8 million, including the settlement of a pension plan related to the 2011 closure of the company’s Newmarket, Canada, facility. Snap-on also anticipates that its full year 2012 effective income tax rate will approximate 33.5 percent.
) then I will be rolling in the $$$$$$$$$.