Posted January 31, 2011
ITW revenues up 11 percent
Illinois Tool Works reported fourth quarter revenues of $4.169 billion were 11.0 percent higher than the year-earlier period.
Organic revenues grew 9.1 percent, with North American organic revenues increasing 8.9 percent and international organic revenues growing 9.2 percent.
Fourth quarter operating income of $579.5 million was 21.7 percent higher than the 2009 fourth quarter.
For full-year 2010, total revenues of $15.870 billion were 14.4 percent higher than 2009. Full-year organic revenues grew 10.8 percent, with North American organic revenues increasing 10.9 percent and international organic revenues growing 10.4 percent. Full-year diluted income per share from continuing operations of $3.03 was 57 percent higher than 2009.
"The company's fourth quarter performance was highlighted by our stronger-than-expected organic revenue growth rate of approximately nine percent," said David B. Speer, chairman and chief executive officer. "We were very pleased with the double-digit organic revenue growth contributions from a number of our key business platforms, including welding, electronics, industrial packaging, and test and measurement. We believe these growth rates, along with signs of improvement in many of our other business platforms, reflect continued positive worldwide macro economic conditions. We remain optimistic about our growth prospects for 2011."
Total worldwide revenues for the Power Systems and Electronics segment increased 22.8 percent in the fourth quarter versus the year-ago period. Organic revenues grew 21.4 percent due to ongoing strong demand associated with the welding and electronics-related businesses.
Total worldwide revenues for the Industrial Packaging segment grew 12.6 percent in the fourth quarter compared to the year-earlier period. Organic revenues grew a similar 12.6 percent due to strong customer demand for consumable plastic and steel strapping products as well as improving trends for associated equipment.
