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Letter to the Editor
Wednesday February 11
Snap-on Inc. Q4 Net Fell 50%
Snap-on Inc. had an earnings decline of 50 percent in the fourth quarter. Net income fell to $17.3 million or 30 cents a share from $33.1 million or 56 cents a year earlier. The latest quarter includes a gain of $4.6 million or 5 cents a share from the resolution of a patent-infringement case.In a press release, the company said the earnings decline reflects higher costs from an accelerated implementation of improvement actions, lagging improvements in its economically sensitive businesses and certain other factors affecting comparisons, including pension expense.
Sales rose to $599.3 million from $549.5 million.
For 2004, the company expects 2004 earnings of $1.80-$2.20 a share.
For the first quarter, the company expects about $15 million in continuous improvement costs, including $8 million of costs associated with two plant closings. It also sees $8-$10 million of improvement costs in the rest of the year.
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