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Letter to the Editor
Tuesday April 24
Snap-On Names Pinchuk President and COO and Posts Record Profit
Tool maker Snap-on Inc. has promoted Nicholas Pinchuk to the positions of president and chief operating officer. Pinchuk had been senior vice president and president of the company's commercial and industrial group since 2002. He was also named to a seat on the board, increasing the board to eleven members from ten.The president duties had been handled by Chairman and Chief Executive Jack Michaels.
Snap-on Inc. also posted a record 76 percent increase in quarterly profit, citing broad increases in tool sales. Snap-on expects continued operating and earnings improvement for the rest of this year.
First-quarter net profit was $39 million, up from $22.1 million a year earlier.
Net sales rose almost 20 percent from last year to $709.7 million, well above expectations.
Snap-on Tools Group segment sales rose 16 percent from last year to $288.5 million, while Commercial & Industrial Group segment sales increased 12 percent to $321.8 million.
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