Snap-on Inc. Sales Fall 17.2% in 2009

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For the fourth quarter, sales were $618.1 million, down 7.4% from the same quarter a year ago but up 6.2% from third quarter 2009. Organic sales declined 11.1% in a year-over-year comparison. Profit declined 37.5% to $36.6 million.

Commercial & Industrial Group sales in the fourth quarter were $302.2 million, down 7.5% from a year ago; organic sales declined 12.2%. Continued lower sales in Europe were partially offset by higher sales in emerging markets and increased sales of equipment in North America. Operating earnings declined 44.5% to $21.7 million.

Snap-on Tools Group operating earnings in the fourth quarter were down 0.5% to $251.2 million; organic sales were down 3.7%. Operating earnings declined 13.2% to $33.2 million.

Diagnostics & Information Group segment sales of $129.1 million in the quarter declined 15.6%, from 2008 levels; organic sales declined 16.6%. Operating earnings of $30.0 million in the quarter declined from $34.3 million last year primarily due to the lower sales volumes.

Financial Services revenue of $6.7 million in the fourth quarter improved sequentially from $6.0 million in the third quarter of 2009, and the fourth-quarter 2009 operating loss of $3.8 million also improved sequentially from an operating loss of $5.3 million in the third quarter of 2009. Financial services revenues of $6.7 million in the quarter declined $13.0 million from 2008 levels.