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Friday, July 31, 2009

Snap-on's (SNA) Second-quarter Profit Slips

Snap-on Inc. (SNA-Quote) said Friday that second-quarter earnings fell to $37.4 million, or 65 cents a share, from $66.9 million, or $1.15 a share, in the same period a year ago. Sales at the Kenosha, Wisc.-based tool maker were $590 million in the quarter, down from the year-earlier $766 million. Analysts polled by FactSet Research expected, on average, earnings of 65 cents a share and sales of $607 million. Snap-on said it still sees third-quarter sales and earnings declining year over year.

Disclosure I am long SNA shares. (Comtech Direct Inc.)

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