Snap-on income drops by more than half

Snap-on Inc. said net income for the third quarter fell by more than half, in part because of a decision to take over the financing business for Snap-on customers and franchisees. Snap-on, a Kenosha-based manufacturer of professional tools and automotive diagnostics equipment, posted net income for the quarter of $25.4 million, or 44 cents per share, compared with net income of $54.6 million, or 94 cents per share, for the same period a year ago. Net sales for the quarter declined 16.6 percent to $581.8 million from $697.8 million. About $7.4 million of the $29.2 million decline in net income resulted from the financial services business swinging to a loss for the quarter compared with a profit earned in the period a year ago. In July, Snap-on said it was terminating the financing joint venture with troubled CIT Group, a commercial lending company, and assuming full control of the financial services business. As a result of the change, Snap-on no longer records gains on contracts sold to CIT as financial services revenue. Revenue for the financing business now comes from interest on new contract originations by Snap-on. Snap-on said that for the near term, financial services revenue and operating income will be lower compared with prior-year periods as the company builds its own book of receivables. Snap-on (NYSE: SNA) said operating income for two divisions — the commercial and industrial group and the tools group — improved compared with second-quarter levels. "Snap-on's third quarter performance showed some encouraging progress despite the continuing economic headwinds, which were particularly evident in Europe," said Nick Pinchuk, Snap-on chairman, president and CEO. Snap-on s...
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4 Very Different Stocks Similar Prospects

There are many factors that can make a stock a success for an investor. The four stocks we look at here involve a little of everything, including a down-and-out stock that's slowly making its way back. These stocks also vary in the business they conduct and their market caps, but what they have in common is that they are shaping up to be winning picks. Read on for four different stocks with equally good possibilities. IN PICTURES: Digging Out Of Debt In 8 Steps Micro Cap - NovaMed (Nasdaq:NOVA)NovaMed partners with physicians to own and manage ambulatory surgical centers, or ASCs for short. These facilities provide surgical procedures that don't require overnight stays. The Chicago-based company went public in 1999, growing from $102.6 million to $141.2 million in 2008. It doesn't seem like much until you consider that in 2003, its revenues dropped to $55.5 million. Then, between 2004 and 2008, it regained what it previously lost, growing 154% in just five years. During the up-and-down years between 1999 and 2003, it only experiences one operating loss - in 2001. Today, it maintains a 25.4% operating margin and it's holding steady. On October 29, it announced third-quarter earnings and they were decent, if not spectacular. Revenues grew 8% from $36.05 million to $38.77 million and diluted earnings per share were up 14%, or one penny, to 8 cents. Free cash flow in the trailing 12 months was $21.7 million, producing a FCF yield of 22%. That's nice, and this is one solid company. (For more on FCF yield, see ...
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Snap-on Incorporated Q3 2009 Earnings Call Transcript

Snap-on Incorporated (SNA) Q3 2009 Earnings Call October 29, 2009 10:00 am ET Executives Martin M. Ellen – Chief Financial Officer Nicholas T. Pinchuk – Chief Executive Officer Analysts James Lucas - Janney Montgomery Scott LLC David Leiker - Robert W. Baird & Co., Inc. [Siever Wong] – H.F.P. Capital Steve Surrell - Conning Asset Management Presentation Operator Good day ladies and gentlemen, and welcome to the Snap-on Incorporated 2009 third quarter results conference call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to introduce your host for today’s conference call, Mr. Marty Ellen, Chief Financial Officer. You may begin your conference. Martin M. Ellen Thank you [Mar]. Good morning everyone. Thank you for joining us today to review Snap-on’s third quarter 2009 results. By now you should have seen our press release issued this morning. Joining me today is Nick Pinchuk, Snap-on’s CEO. Nick will kick off our call this morning with his perspective on our performance. I will then provide a more detailed review of our financial results, and afterwards we’ll take your questions. Consistent with past practice we will use slides to help illustrate our discussion. You can find a copy of these slides on our website next to the audio icon for this call. These slides will be archived on our website along with a transcript of today’s call. Any statements made during this call relative to management’s expectations, estimates or beliefs or otherwise state management’s or the company’s outloo...
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[video] Stock Pops & Drops

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SNAP-ON INC Financials

PERIOD ENDING3-Oct-094-Jul-094-Apr-093-Jan-09Total Revenue633,400  570,000  592,600  687,500  Cost of Revenue351,600  336,000  313,900  334,500  Gross Profit281,800  234,000  278,700  353,000  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative233,100  163,700  214,400  255,500  Non Recurring -   -   -   -  Others -   -   -   -  Total Operating Expenses -   -   -   -  Operating Income or Loss48,700  70,300  64,300  97,500  Income from Continuing OperationsTotal Other Income/Expenses Net200  1,100  (300)(500)Earnings Before Interest And Taxes48,900  71,400  64,000  97,000  Interest Expense12,800  11,600  8,600  8,700  Income Before Tax36,100  59,800  55,400  88,300  Income Tax Expense10,300  17,600  18,300  28,200  Minority Interest(8,000) -   -   -  Net Income From Continuing Ops18,400  42,000  37,200  58,600  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -...
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Snap-on to Present at Baird Industrial Conference

KENOSHA, Wis.--(BUSINESS WIRE)--Snap-on Incorporated (NYSE: SNA - News) will present at the Robert W. Baird & Co. 2009 Industrial Conference on Tuesday, November 10, 2009. The presentation is scheduled to begin at approximately 12:15 p.m. Eastern time (11:15 a.m. Central time). The live webcast with audio and slides can be accessed by visiting the company’s Web site, www.snapon.com/sna or at the following URL: http://www.wsw.com/webcast/baird10/sna/. To ensure timely access, it is recommended that viewers go to the Web site at least ten minutes prior to the start of the presentation to register and to download and install any necessary software. Follow...
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Snap-on Incorporated Declares Quarterly Dividend

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