Snap-on caps a profitable year; Modine reports robust sales growth
Snap-on caps a profitable year
Kenosha-based Snap-on Inc. reported fourth quarter net earnings of $57.9 million, or 99 cents per share, up from $36.6 million, 63 cents per share, in the same period a year ago.
The company’s quarterly sales grew to $696.9 million, up 12.7 percent from 2009 levels.
For the full year, the company’s sales grew to $2.62 billion, up 10.9 percent from prior year levels. Rockwell’s net earnings of $186.5 million for the full year increased $52.3 million from 2009, despite $12.3 million of lower net earnings from financial services. Diluted earnings per share were $3.19 in 2010, up from $2.32 in 2009.
"Our fourth quarter performance represents evidence of Snap-on’s continuing and significant progress. We’re very encouraged by what we believe to be further strengthening of our strategic position along each of our runways for growth," said Nick Pinchuk, Snap-on chairman and chief executive officer. "Our fourth quarter results mark four consecutive quarters of year-over-year improvements in sales and earnings, demonstrating a trend of increasing overall strength. In that regard, we believe our investments are paying off in the strategic areas that will be decisive for growth going forward: enhancing the franchise network, expanding in the vehicle repair garage, extending in critical industries and building in emerging markets. We’re making substantial moves on each of these runways, which we believe will position Snap-on to take full advantage of the abundant opportunities emerging before us. Finally, in 2010, we registered encouraging results for both the fourth quarter and full year; I thank our franchisees and associates worldwide for their dedication to Snap-on and their efforts and commitment that made it all possible."
Modine reports robust sales growth
Modine Manufacturing Co. reported fiscal third quarter net earnings of $5.8 million, or 12 cents per share, up from $3.8 million, or 8 cents per share, in the same period a year ago.
The Racine company’s quarterly sales grew 19 percent to $360 million from $302 million a year earlier, with increases primarily within the commercial vehicle and off-highway markets in North America, as well as within the European premium automotive and commercial vehicle markets.
"Our company’s strong performance during the third quarter is evident with the continued improvement in sales and operating income compared to the same quarter one year ago," said Modine president and chief executive officer Thomas Burke. "Our end markets continue to recover and I am excited about our strengthening product portfolio and technology pipeline, yet there is still work to do. We continue the challenging work associated with optimizing our manufacturing footprint in conjunction with the strategic change in our product portfolio in addition to launching many new programs globally as a result of our growth strategies. We remain focused on profitably growing each of our business segments, and remain on the path to achieve our objective of 11 to 12 percent return on average capital employed by the end of fiscal 2013."