Snap-on Inc. (SNA) posted lackluster third quarter results before the opening bell Thursday as the company’s European operations and Financial Services segment adversely affected performance.  The Kenosha, WI-based company’s earnings plunged 53.5% year over year to $25.4 million, or 44 cents per share, missing the Zacks Consensus Estimate by 5 cents. Total sales slipped 16.6% year over year to $581.8 million, with adverse foreign currency translations contributing 3% of the decrease.  Commercial & Industrial Group segment sales fell 21.5% year over year to $265.4 million; excluding foreign currency translation, sales fell 17.2%. Operating earnings slipped $29.8 million from the prior year quarter to $10.9 million. The decline was caused by lower sales, particularly in Europe, coupled with the company’s inventory reduction efforts. Moreover, performance was also affected by $4.5 million of restructuring costs associated with operations in Europe.  Snap-on Tools Group segment sales contracted 8.5% ...

Snap-on (SNA) announced the official opening of its Innovation Works facility in Kenosha, Wisconsin. The new 15,000 square foot facility has a state-of-the-art service garage, prototyping room, 3D modeling facility, display and application room, customer observation room, innovation library, and training room.The Innovation Works facility is the centerpiece of and will supplement the many other innovation resources and infrastructure in Snap-on's global businesses. Snap-on, Inc. is a global provider of professional tools, equipment and related solutions for technicians, vehicle service centers, original equipment manufacturers (OEMs) and other industrial users.New products are a key growth driver for Snap-on, and the Innovation Works facility demonstrates management's commitment to the development of new and innovative products, processes and technologies. By enhancing existing products and introducing new products into the marketplace, the company is better able to compete effectively and generate incremental sales and profits.Recent new ...

January 14, 2009 ndash; Yesterday Wisconsin Senator Russ Feingold introduced S. 222 to amend the Internal Revenue Code of 1986 to increase the national limitation on qualified energy conservation bonds and to clarify that certain programs constitute a qualified conservation purpose, and for other purposes; to the Committee on Finance. We expect to see further legislation supporting energy efficiency and alternative energy development. Here is the text from Feingoldrsquo;s comments on the floor:nbsp;nbsp;nbsp;nbsp; Mr. FEINGOLD. Mr. President, over the past few days I have introduced a series of bills that are part of my E4 Initiative, dubbed E4 because of its focus on economy, employment, education, and energy. Today I am introducing two bills that are part of this effort: the Community Revitalization Energy Conservation, CREC, Act of 2009 and the Energy and Technology Advancement, ETA, Act of 2009.nbsp;nbsp;nbsp;nbsp; The newest among my E4 bills is the Community Revitalization Energy Conservation, CREC, ...

Snap On Inc. (SNA) manufactures tools, equipment and diagnostics for professional applications, selling its products to a wide range of international markets. The company was founded in 1920, has a market cap. of $3.21 billion and is headquartered in Kenosha, Wisconsin.

A Great Quarter

Snap-On reported strong second-quarter results on July 24 that demonstrate the company's ability to whether the difficult economy.

Sales were up 8% to $766.1 million, helped by positive currency translations. Net income totaled $66.9 million, up from $43.8 million last year. This produced earnings of $1.15 per share, ahead of analyst expectations of $1.05 per share.

A History of Surprising

This is the fourth time in four quarters that Snap-On has surprised and beaten analyst estimates, having done so by an average of 11 cents, or 13.3%.

Estimates Are Up

The analyst community is bullish on Snap On. The current-year estimate

...