KENOSHA, Wis. (AP) -- Snap-on Inc. said Thursday that fourth-quarter net income rose 28 percent on better results from its core tools business and its financial-services arm.
Net income increased to $74.3 million, or $1.27 per share, compared with $57.9 million, or 99 cents per share, a year earlier.
The consensus forecast of three analysts surveyed by FactSet was $1.18 per share.
Revenue rose 6 percent to $736.6 million from $696.9 million. Analysts expected $759.3 million.
Snap-On makes hand tools and power tools for mechanics in repair shops and a variety of industries. Revenue grew 9 percent in its tools division, 4.9 percent in its commercial division, 2 percent in the repair-systems group and 65 percent in financial services.
Earnings in the finance group jumped to $22.1 million from $9.4 million, accounting for most of Snap-on's overall gain in net income, as the company expanded its finance portfolio.
Snap-on said it will take a restructuring charge of $6 million to $8 million in its fiscal second quarter, which runs from April to June, stemming from last year's closure of a facility in Canada.
The shares rose $1.09, or 1.9 percent, to $58.15 in midday trading.
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