Snap-on posts higher profit in 2nd quarter

Snap-on Inc. said Friday that its second quarter sales and net income increased. The tool manufacturer also said it will expand measures to reduce costs because of the weak global economy.

Snap-on has reached $ 45.3 million, or 78 cents per share, up from 37.4 million, or 65 cents per share for the same period a year earlier.

Revenues rose 9.8 percent to $ 647.6 million.

Analysts expected the company to earn 75 cents a share on $ 636.9 million of revenue.

Snap-on has spent $ 6.3 million on restructuring in the first half and expects that to increase to 15 million by year end.The company expects $ 50 million in capital expenditures for the year. The company recorded $ 12.3 billion in capital expenditures in the first half of the year.

Shares rose 74 cents to $ 45.27 in afternoon trade.

links for 2010-07-23

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Source: links for 2010-07-23



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