Snap-On, Inc. (SNA) Tops Q3 EPS by 13c; Revs Light
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Snap-On, Inc. (NYSE: SNA) reported Q3 EPS of $1.16, $0.13 better than the analyst estimate of $1.03. Revenue for the quarter came in at $697.2 million versus the consensus estimate of $719.95 million.
Snap-on continues to anticipate that capital expenditures in 2011 will approximate $65 million, of which $46.6 million was spent in the first nine months of 2011. We also expect to incur approximately $13 million of higher year-over-year pension expense in 2011 largely due to the amortization of investment losses incurred in 2008 related to our domestic pension plan assets. Snap-on now anticipates that its full year 2011 effective income tax rate will approximate 33.0%.
Snap-on continues to anticipate that capital expenditures in 2011 will approximate $65 million, of which $46.6 million was spent in the first nine months of 2011. We also expect to incur approximately $13 million of higher year-over-year pension expense in 2011 largely due to the amortization of investment losses incurred in 2008 related to our domestic pension plan assets. Snap-on now anticipates that its full year 2011 effective income tax rate will approximate 33.0%.
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