Snap-On reports profits rise in '02
KENOSHA, Wis.-Snap-On Inc. reported earnings of $106 million for 2002 compared with income of $19 million in 2001.
Net sales for the year rose slightly to $2.11 billion from $2.10 billion in 2001.
For the fourth quarter, the Kenosha-based tool maker/marketer posted earnings of $33.1 million compared with a net loss of $17.4 million in the fourth quarter 2001.
Net sales were up 2.8 percent from 2001 in the fourth quarter, topping out at $549.5 million. The company said currency translation favorably impacted sales 2.5 percent in the quarter.
Through focusing on brands and lean operating procedures, Snap-On said it expects to see 2003 earnings increase 10 to 15 percent. But most of that growth is likely to come in the second half of the year as the economy is expected to recover.
``We remain cautious regarding the potential for a recovery in the industrial sector in 2003,'' said Dale F. Elliott, chairman and CEO.
``However, we believe Snap-On is well positioned to take advantage of the opportunities when a recovery takes place,'' he continued. ``Our improvements have created the potential for leverage in the business, and we continue to place emphasis on accelerating internal growth.''
9 Grease Monkey stores, Castrol link
WAYNE, N.J.-Nine Grease Monkey fast-lube operations in the Carolinas have joined Castrol North America's Castrol Select Service Network.
Four stores in South Carolina, operated by Vince Roser, recently agreed to participate in the network, as did five stores in the foothills of North Carolina.
Michael Blanton, vice president of operations for the North Carolina outlets, said his company has all its service technicians ``going through Castrol's training and certification program. We see education and knowledge as the key to properly servicing and satisfying our customers,'' he said.
Among the components of the Castrol Select Service Network are comprehensive technician training, skill assessment and a certification program. Castrol said both new independent Grease Monkey chains hope to fully implement the petroleum company's Syntec marketing program, which is designed to increase average per car revenue through a comprehensive program that helps to sell synthetic motor oil.