KENOSHA, Wis. (AP) — Tool manufacturer Snap-on Inc. said Thursday its first-quarter net income rose 53 percent as demand for its tools rose in all business segments.
The company said net income increased to $56.2 million, or 96 cents per share, from $36.8 million, or 63 cents per share.
Sales rose 11.6 percent to $693.7 million from $621.6 million.
Analysts surveyed by FactSet expected 99 cents per share on revenue of $685.1 million.
The company said it expects capital expenditures in 2011 to total $65 million, of which $18.6 million was spent in the first quarter. Snap-on also expects to incur $11 million of higher year-over-year pension expense in 2011 largely due to the amortization of investment losses incurred in 2008 related to its domestic pension plan assets.
Shares rose 72 cents, or 1.2 percent, to close at 61.73. Shares have traded between $39.23 and $61.95 in the past year.