Snap-on Q2 Profit Rises

High-end tools and equipment manufacturer Snap-on Inc.(SNA) on Thursday recorded higher second-quarter results, helped by good results in its commercial and industrial segment and Snap-on tools segment.

The company posted second-quarter net income of $208 million or $3.76 per share, higher than $101.2 million or $1.85 per share in the same period last year.

On average, 9 analysts polled by Thomson Reuters expected the company to report earnings of $3.21 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Operating earnings came in at $286 million during the second quarter, higher than $148.7 million in the prior-year period.

Quarterly sales soared 49 percent to $1.08 billion from $724.3 million in the year ago quarter while analysts expected the company to report sales of $974.2 million in the period.

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