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Snap-On Sales Grow 12.7% in Fourth Quarter

Snap-on Inc. (NYSE: SNA), Kenosha, WI, global manufacturer tools, equipment, diagnostics, repair information and systems solutions for professional users, reported sales grew 12.7 percent in the fourth quarter 2010 to $696.9 million. Profit was $57.9 million.

Sales in 2010 were $2.62 billion, up 10.9 percent from the previous year. Profit was $186.5 million.

Snap-On attributed its growth in part to its investments in enhancing its franchise network, expanding in vehicle repair garage, expending in certain industries and building strength in emerging markets.

Commercial & Industrial Group segment sales of $281.5 million in the fourth quarter increased $35.6 million, or 14.5 percent, from 2009 levels, reflecting continued higher sales across all operating units. Organic sales increased 15.4%. Operating earnings of $35.4 million in the fourth quarter increased $18.6 million from 2009 levels primarily due to higher sales, lower restructuring costs and benefits from ongoing efficiency and productivity initiatives.

Snap-on Tools Group segment sales of $268.2 million in the fourth quarter increased $31.2 million, or 13.2 percent, from 2009 levels, driven by strong performance in the U.S. Organic sales increased 12.8 percent. Operating earnings of $25.8 million in the fourth quarter declined $7.3 million from 2009 levels, as contributions from higher sales were more than offset by $6.5 million of lower LIFO-related inventory valuation benefits and $4.5 million of higher restructuring costs. The higher LIFO-related benefits in 2009 resulted from inventory reductions and liquidations in response to the continued economic downturn.

Repair Systems & Information Group segment sales of $231.8 million in the fourth quarter increased $30 million, or 14.9 percent, from 2009 levels, reflecting stronger activity with repair shop owners and managers, including higher sales of undercar equipment, diagnostics and Mitchell1 information products, and significantly increased facilitation program activity with automotive original equipment manufacturer (OEM) dealerships. Organic sales increased 16.8 percent. Operating earnings of $45.7 million in the fourth quarter increased $10.7 million, or 30.6 percent, from 2009 levels primarily due to higher sales and benefits from ongoing RCI initiatives and savings from restructuring actions.

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