Snap-on Raises Quarterly Dividend 11.8%
Snap-on Incorporated (NYSE: SNA) today announced that its Board of Directors has declared a quarterly common stock dividend of $0.38 per share payable December 10, 2012, to shareholders of record on November 19, 2012. This represents an increase of $0.04 per share, or 11.8%, over Snap-on's previous quarterly dividend of $0.34 per share.
“This quarterly dividend increase demonstrates our ongoing commitment to create long-term value for our shareholders. It reflects Snap-on's progress along our defined runways for continuous improvement and coherent growth, and our belief that Snap-on is well-positioned for the future,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “Snap-on's dividend is an integral component of our approach to capital allocation, as demonstrated by our payment of consecutive quarterly cash dividends, without interruption or reduction, since 1939.”
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation, aerospace, agriculture, construction, government and military, mining, natural resources and power generation. Products and services are sold through the company's franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $2.9 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on's or management's future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release contains statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on's expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company's actual results to differ materially from those contained in the forward-looking statements include those found in the company's reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.
For additional information, please visit www.snapon.com.
Leslie Kratcoski, 262/656-6121
Richard Secor, 262/656-5561