Snap-on Q3 Profit Increases - Quick Facts

(RTTNews) - Snap-on Inc. (SNA), a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, posted third-quarter net earnings attributable to the company of $103.7 million or $1.76 per share, up from $84.6 million or $1.43 per share, a year ago.

Net sales for the quarter grew 7.0% to $806.3 million from $753.2 million in the previous year. Excluding $5.6 million of acquisition-related sales and $0.7 million of favorable foreign currency translation, organic sales increased 6.2%.

On average, 4 analysts polled by Thomson Reuters expected the company to report earnings of $1.62 per share on revenues of $798.10 million for the quarter. Analysts' estimates typically exclude special items.

Snap-on said it expects to make continued progress along its defined runways for coherent growth, including enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets.

In pursuit of these initiatives, Snap-on anticipates that capital expenditures in 2014 will be in a range of $75 million to $80 million, of which $63.3 million has been incurred through the end of the third quarter. Snap-on continues to expect that its full year 2014 effective income tax rate will be comparable to its 2013 rate.