Emerging market sales boost Snap-on 2Q profit

Tag : Snap On Tools

Tool maker and marketer Snap-on Inc. said Thursday that growth inemerging markets and higher sales of professional tools in Europehelped lift second-quarter profit nearly 53 percent.
Profit rose to $66.9 million, or $1.15 per share, from $43.8million, or 74 cents per share, a year earlier.
Sales rose nearly 8 percent to $766.1 million from $711.9 million ayear earlier.
Analysts polled by Thomson Financial expected a profit of $1.06 pershare.
Growth in emerging markets, higher sales of imaging alignmentsystems, and greater sales of professional tools in Europecontributed to a sales increase in its commercial and industrialgroup. Sales rose nearly 17 percent to $387.7 million, helped by aweak U.S. dollar.
"Despite the continued macroeconomic challenges, the strength ofour global and diverse customer base and the value created by ourinnovation and rapid continuous improvement processes combined todeliver significant sales and profit improvements," Nick Pinchuk,president and chief executive, said in a statement.
The company said it plans to grow its presence in emerging marketsin the Asia-Pacific region and Eastern Europe.