Snap on reports 33 percent higher profits

[paramudduck]

http://www.bizjournals.com/milwaukee/stories/2008/10/20/daily35.html

QUOTE:

Snap-on Inc. reported Thursday that net income jumped 33 percent in the third quarter because of higher sales and the firm's ongoing cost-cutting efforts.

Kenosha-based Snap-on (NYSE: SNA) reported net income for the quarter of $54.6 million, or 94 cents per share, compared with $41.1 million, or 70 cents per share, for the same period a year ago. Net sales for the manufacturer of tools, diagnostics equipment and software increased 2.5 percent to $697.8 million from $680.7 million.

The company reported growth in sales and operating income in all segments. However, the commercial and industrial group, which saw sales of professional tools in Europe and other wheel service equipment decline, posted a sales increase only because of currency translation.

 

[Crawlin]

Must be the instinct handles

Anyone have stock in Snap On...just curious. I actually have some stock in Danaher, which I guess is usually good excempt maybe not with the current economy

 

[ImportTuner]

Nah .. it's got to be the 80 teeth ratchets ..

 

[bchee]

I'm interested in more info on the 'cost-cutting' measures.

 

[paramudduck]

That was what I was wondering about.

 

[Pedro-snapon]

I'm interested in more info on the 'cost-cutting' measures.

they are downsizing in the corporate offices, merging feild groups, and regions, along with centralizing the customer support.

the tools are untouched

 

[bchee]

I heard they stopped stamping 'USA' on their tools to save money

 

[goodfellow]

Merkava must have won the lottery!!

 

[jacob_coulter]

Their stock is currently in the toliet, despite the enormous increase in profits.

Panic right now is driving the stock market, not logic. It doesn't matter how good a company is doing, even if it's making record profits, every stock is down.

Would probably be a good stock (along with a lot of others) to buy right now if you can afford to wait it out.

 

[Pedro-snapon]

snap-on survived the great depression... i have a good feeling they will survive this economic state

 

[wrenchr]

We will keep them profiting for years!!

 

[autoace]

The cost cutting is from Asian labor, I won't keep S.O. going until they reconsider their recent hardline's Taiwan invasion. Trust me Snap-on "There is a difference!!!!!!.

 

[paramudduck]

Snap-on posts higher profit on overseas demand
http://www.marketwatch.com/news/sto...1A313-C55B-4C0D-B85C-22C92C4F0C9C}&dist=msr_3

It wasn't the usa sales that caused the profit

 

[Pedro-snapon]

The cost cutting is from Asian labor, I won't keep S.O. going until they reconsider their recent hardline's Taiwan invasion. Trust me Snap-on "There is a difference!!!!!!.

the only real things snapon sells that's made in Taiwan are bluepoint products... i've yet to see our pliers screwdrivers impacts wrenches ratchets sockets that are made anywhere in Asia

 

[ZRX61]

I'm interested in more info on the 'cost-cutting' measures.

Look in the tool aisle at Costco for your answer...