NEW YORK (TheStreet) -- Shares of Snap-On (SNA - Get Report) were soaring 7.35% to $160.09 on heavy trading volume late Thursday afternoon after the company posted earnings that beat analysts' expectations.

Before today's opening bell, the Kenosha, WI-based tools, equipment and diagnostics company reported earnings of $2.22 per share, above analysts' estimates of $2.15 per share.

Revenue for the period was $834.1 million, while analysts were looking for revenue of $847.8 million.

"We believe Snap-on's third quarter results, including a 12.1% increase in diluted earnings per share and continued growth in organic sales, confirm our success in serving serious professionals performing critical tasks and in leveraging our Snap-on value creation processes," CEO Nick Pinchuk said in a statement.

More than 1.55 million of the company's shares changed hands so far today vs. its average 30-day volume of 454,633 shares per day.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and growth in earnings per share.

The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: SNA