Afternooon State News Briefs: Snap On reports 26 percent increase

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KENOSHA - Snap On Tools reports a 26% increase in its quarterly profit from a year ago.

CEO Nick Pinchuk says the big increase is due to an expansion of Snap On’s franchise network of tool dealers and the company’s expansion in motor vehicle repair equipment. Also, Snap On is building a greater presence in developing foreign countries, where economies are out pacing those of the US. As a result, the firm’s net income was $71 million dollars for January through March. That’s up from $56 million in the same quarter a year ago. Earnings per share jumped from $.96 cents to $1.21. That’s a nickel more than what outside analysts had expected. Snap On Tools said its total revenues from $735 million dollars, up 6% from the same time the previous year.

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Wisconsin has recorded its first monthly private sector job loss of the year. Workforce Development officials issued preliminary data today showing that 4300 private sector jobs were lost in the Badger State in March. And the state’s seasonally adjusted unemployment rate fell to 6.8%, 1/10 of a point lower than in February. The decline in private sector jobs came after Wisconsin recorded revised increases of almost 20,000 jobs in January and February. Around 200 government jobs were lost in March. City and county governments cut their payrolls, while state agencies and universities added employees for the second straight month. Workforce Development Secretary Reggie Newson also noted the improvement that both the state and national economies have seen over the last year. He said the statewide adjusted jobless rate is 7/10 of a point lower than a year ago, while 18,500 more Wisconsinites are working than in March of 2011.

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Cardinal Tim Dolan, a former Catholic Archbishop in Milwaukee, has been named one of Time Magazine’s 100 most influential people. Dolan has headed the Archdiocese of New York for almost three years. And Time said Dolan has done what few other Catholic leaders have done in recent years, put his church back in the center of the national political conversation. Time was referring to Dolan’s battle with the Obama White House over health coverage for contraceptives. Dolan responded on his blog, quote, “The only influence I might have comes from faith, prayer, family, friends, and the ones I serve.” Dolan headed the 10 county Milwaukee Archdiocese from 2002 to ’09. He’ll return in nine days for a Mass of Thanksgiving, which recognizes his elevation to cardinal a few weeks ago.

Tags: news, wisconsin