Janney Montgomery cut its estimates on Snap-On (SNA

).

Analyst James Lucas says contrary to what the stock market been indicating about a potential economic recovery, Snap-On continues to face numerous headwinds with regard to its industrial and equipment businesses.

Lucas says the company will fall short of its second-quarter estimates due to sluggish demand for industrial tools, and virtually nonexistent orders for big-ticket equipment items. He notes Snap-On also expects to incur a four cents per share in additional restructuring related expenses.

Lucas cut the $1.90 2003 earnings per share estimate to $1.80, and cut the $2.15 2004 estimate to $2.00. He maintains his hold rating, given the continued lack of earnings visibility.