KENOSHA, Wis. -- Snap-on has announced its operating results for the third quarter of 2010.

The company reported sales of $653.1 million, an increase of $71.3 million, or 12.3 percent, from 2009 levels. Excluding $5.9 million of unfavorable foreign currency translation, organic sales increased 13.4 percent.

Gross profit of $301.2 million improved to 46.1 percent of sales compared with 44.8 percent a year ago. Consolidated operating earnings of $83.8 million increased 72.1 percent from 2009 levels.

Snap-on reported net earnings of $46.5 million, or 80 cents per diluted share, increased from $25.4 million, or 44 cents per diluted share, a year ago.

"We’re encouraged by our third quarter improvement, which we believe evidences solid progress on our strategic priorities, continuing benefits from the Snap-on Value Creation Processes and signs of further stabilization in the overall business environment,” said Nick Pinchuk, Snap-on chairman and CEO. “These results mark three quarters of higher sales and operating earnings, demonstrating a continuing trend of increasing operating strength. Nevertheless, we recognize that the economic recovery is fragile. We, therefore, remain disciplined in our operating approach and commitment to the Snap-on Value Creation Processes, while continuing to focus on those strategic initiatives that we believe will place Snap-on in a strong position as we move forward.”

Snap-on said it currently expects that full-year 2010 restructuring costs will approximate $15 million. The company said it also anticipates continuing with its planned strategic investments, including expansion in emerging growth markets. Full-year 2010 capital expenditures will be about $45 million. Snap-on also expects to incur approximately $16 million of higher year-over-year pension expense in 2010, and anticipates that the effective income tax rate for full-year 2010 will approximate 33.6 percent.