Snap-On Tools announces record third quarter 2008 earnings

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Snap-on Incorporated, a leading global innovator, manufacturer and franchise network for professional tools and diagnostic equipment, has announced operation results for the third quarter of 2008.

Worldwide, the company’s net sales of $697.8 million increased $17.1 million, or 2.5%, over the prior year. Snap-on Tools Australia and New Zealand, a wholly owned subsidiary of the Snap-on Tools Corporation, also performed strongly, with a 7.3% increase on sales locally over the same period.

Snap-on Tools mobile franchise in Australia and NZ expects to increase sales from AU$ 52 million (in calendar year 2007) to AU$55 million (in calendar year 2008). The company’s priority is to better assist franchisees to grow significantly, strengthening its existing network in Australia and New Zealand.

Other highlights of Snap-on Incorporated’s third quarter 2008 international operating results include:

  • Gross profit improved to 44.7% of net sales in 2008, from 44.2% in 2007
  • Net earnings of $54.6 million increased 32.8% from $41.1 million in 2007

Ajit Ponnambalam, Snap-on Australia and New Zealand Managing Director, said today, “We are encouraged by our global results and also very pleased with Australia and New Zealand’s results in comparison to this. Our strong business models and continuous innovation and improvement on all our products put us in a confident position to continue these encouraging results going forward.”

“Despite the global economic challenges, our core strategies and support from our global office will continue and help support improved year-over-year earnings again in the next quarter. We are working with our global head quarters to extend our presence in the emerging markets of Asia/Pacific,” continued Ajit.

Although Australia/ New Zealand only represents 150 of the Snap-on Tools Corporation's 4,700 franchisees, last year 13 of their franchisees made it into the Corporation's Top 100 franchisees ranked by sales, a clear indication of the company’s growth potential in the Australian market.

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