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Snap-on’s 3rd quarter profit nearly doubles

KENOSHA, Wis. (AP) — Tool maker Snap-on Inc. said Friday its profit nearly doubled in the third quarter, as sales in its commercial and industrial segment helped drive a 12 percent surge in revenue.

The company reported net income of $46.5 million in the quarter ended Oct. 2, up from $25.4 million a year ago.

Revenue rose to $653.1 million from $581.8 million in a year earlier.

Among Snap-on’s business segments, the commercial and industrial group posted the strongest growth during the quarter, with sales rising 19.5 percent to $261 million.

Looking ahead, the company said it expects full-year restructuring costs will amount to roughly $15 million and anticipates additional strategic investments, including an expansion in emerging growth markets.

The company also expects it will incur about a $16 million year-over-year increase in pension expense for the year.

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