Posted April 26, 2011
ITW sales up 17.4%
Illinois Tool Works Inc.reported first quarter revenues increased 17.4 percent to $4.3 billion.
Base revenues grew 11.7 percent, with North American organic revenues increased 12.2 percent and international organic revenues grew 11.0 percent.
The company's operating income of $682.6 million increased 26.0 percent and net income of $623.1 million grew 86.7 percent.
Total revenues for the Power Systems and Electronics segment increased 20.8 percent. Organic revenues grew 16.4 percent based on strong end market demand and market penetration gains associated with a number of businesses. Demand from heavy-equipment OEMs continued to boost welding revenues.
Total revenues for the Transportation segment grew 23.6 percent. Segment organic revenues increased 15.1 percent largely due to ongoing strength in automotive OEM car builds as well as new product penetration. While worldwide automotive OEM organic revenues grew 15.7 percent in the first quarter, North American and European car builds increased 11 percent versus the year-ago period.
"We were extremely pleased with our strong financial performance in the 2011 first quarter," said David B. Speer, chairman and chief executive officer. "Our total revenue increase of 17 percent was driven by double-digit organic growth, underlying both the strength in many of our worldwide end markets and our ongoing market penetration gains. We believe that most of our end markets will remain relatively strong throughout the remainder of 2011."
