Snap-On tops Street 4Q forecasts

KENOSHA, Wis. (AP) _ Snap-On Inc. (SNA) on Thursday reported fourth-quarter earnings of $129.5 million.

On a per-share basis, the Kenosha, Wisconsin-based company said it had net income of $2.24. Earnings, adjusted for non-recurring costs and pretax expenses, came to $2.69 per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.66 per share.

The tool and diagnostic equipment maker posted revenue of $974.6 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $941.6 million.

For the year, the company reported profit of $557.7 million, or $9.52 per share. Revenue was reported as $3.69 billion.

Snap-On shares have decreased slightly more than 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has decreased slightly in the last 12 months.

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