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Snap-on Sales Increase 10% in Second Quarter

Snap-on Inc. (NYSE: SNA), a manufacturer of tools, equipment, diagnostics, repair information and systems solutions for professional users, reported sales for the second quarter ended July 3, 2010, were $647.6 million, an increase of 9.8 percent from second quarter 2009. Profit increased 21.1 percent to $45.3 million.

For the first six months, sales were $1.27 billion, an increase of 9.5 percent over the same period a year ago. Profit increased 13.7 percent to $82.1 million.

"We're encouraged by the higher sales and operating margins on both a year-over-year and sequential basis, particularly since the shape of the global economic recovery is still not yet fully evident," CEO Nick Pincuck said. "In addition, we believe we're making significant progress on our most important strategic initiatives: to enhance the franchisee network, to expand in vehicle repair facilities, to extend in critical industries, and to build in emerging markets."

Commercial & Industrial Group segment sales of $258.7 million in the second quarter increased 22.0 percent from 2009 levels, reflecting higher sales across all operating units, particularly those businesses serving critical industries and emerging markets. Excluding $0.9 million of unfavorable foreign currency translation, organic sales increased 22.5 percent.

Snap-on Tools Group segment sales of $264.5 million in the second quarter increased 9 percent, from 2009 levels. Excluding $2.8 million of favorable foreign currency translation, organic sales increased 7.8 percent.

Repair Systems & Information Group segment sales of $205.9 million in the second quarter increased 4 percent from 2009 levels. Organic sales increased 4.7 percent.

Financial Services revenue of $13.9 million in the second quarter declined $11.7 million from prior-year levels but improved $4.2 million from first quarter 2010 levels.

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