I remain upbeat about the shares of Snap-on Incorporated, a US-based manufacturer of tools and equipment for automotive service industry and other industrial users. The company’s financials for the second quarter of 2016 were solid. Revenues increased 2.4% y-o-y to $872.3 mn, almost in line with consensus estimate. Excluding acquisition-related expenses and unfavorable foreign currency translation effects, organic revenues rose 2.9%. While decent sales growth in Snap-on Tools Group supported growth in the top line, softness in the Commercial & Industrial Group segment sales proved to be a headwind, offsetting the positive effect to some extent. Repair Systems & Information unit stood out with a strong performance in the quarter. Operating earnings before financial services came in at $166.4 mn, up 10.3% from the prior-year quarter, and operating margin expanded to 19.1%. Adjusted earnings per share jumped 16.3% to $2.36 beating analysts’ average projection of $2.22. In August, the company’s board declared a quarterly dividend of 61 cents per share, which offers annualized dividend yield of 1.7%.Snap-on’s successful earnings streak for the past several quarters reflects its capabilities to suitably leverage market opportunities for maximizing growth. The company continues to make significant efforts toward improving its operating efficiency through Snap-on Value Creation Processes that are instrumental in improving safety standards, quality and customer connection.Going forward, Snap-on has devised a comprehensive blueprint for 2016 that involves critical areas like enhancing franchise network, expanding footprint in vehicle repair garage & vital industries, and penetrating emerging markets. For these initiatives, Snap-on expects to incur capital expenditure in a range of $80-90 mn in 2016.In my opinion, shares of Snap-on are well positioned for a rebound after a significant decline. Medium-term target is $160. $SNA, Snap-On Incorporated / 1440