Snap-on reports sales, income up

Kenosha, Wis.-based tool manufacturer Snap-on reported net income of $181.2 million for the full year ended Dec. 31, 2007, up 81 percent from $100.1 million last year. The company also reported fourth-quarter net income at $57.3 million, up 51 percent from $38 million from the same quarter in 2006 for the period ended Dec. 31.

For 2007, the company saw net sales of $2.8 billion, up 15.7 percent from $2.5 billion in 2006. For the quarter, the company reported net sales of $742.9 million, up 14 percent from $651.4 million in the same quarter in 2006.

“We are extremely pleased to announce record sales and earnings for both the fourth quarter and full year,” said Nick Pinchuk, Snap-on president and CEO. “Our fourth-quarter results clearly demonstrate the strength of our geographic diversification, the spread of customers we serve, the breadth of our product and brand offerings and the essential nature of the productivity solutions we provide to professional users.”

Pinchuk added that more than 45 percent of total fourth-quarter sales were made outside of the United States.

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