KENOSHA, Wis. -- Snap-on Inc. has announced 2010 operating results for the fourth quarter and full year.

The company has reported sales of $696.9 million for the quarter, an increase of $78.8 million, or 12.7 percent, from 2009 levels.

Snap-on reported net earnings of $57.9 million, or 99 cents per diluted share, for the fourth quarter of 2010, an increase of $21.3 million from $36.6 million, or 63 cent per diluted share, a year ago.

Full year 2010 sales were $2.62 billion, an increase of 10.9 percent from prior year levels. Net earnings for the full year were $186.5 million, an increase of $52.3 million from 2009, despite $12.3 million of lower net earnings from financial services. Diluted earnings per share were $3.19 in 2010 and $2.32 last year.

“Our fourth quarter results mark four consecutive quarters of year-over-year improvements in sales and earnings, demonstrating a trend of increasing overall strength,” said Nick Pinchuk, Snap-on chairman and CEO. “In that regard, we believe our investments are paying off in the strategic areas that will be decisive for growth going forward: enhancing the franchise network, expanding in the vehicle repair garage, extending in critical industries and building in emerging markets. We’re making substantial moves on each of these runways, which we believe will position Snap-on to take full advantage of the abundant opportunities emerging before us. Finally, in 2010, we registered encouraging results for both the fourth quarter and full year; I thank our franchisees and associates worldwide for their dedication to Snap-on and their efforts and commitment that made it all possible.”

Snap-on said it expects to continue with its planned strategic investments in 2011, including further expansion in emerging growth markets. As a result, capital expenditures are anticipated to be in a range of $55 million to $65 million. Snap-on also expects to incur $11 million of higher year-over-year pension expense in 2011 largely due to the amortization of investment losses incurred in 2008 related to its domestic pension plan assets. Interest expense on the $250 million of senior notes issued December 2010 will approximate $2.7 million per quarter in 2011. Snap-on anticipates that its full year 2011 effective income tax rate will approximate 33 percent.