Posted July 20, 2010
ITW revenues up 20.1 percent
Illinois Tool Works Inc. reported Q2 income per share of 83 cents, a 131 percent improvement versus 36 cents in the 2009 second quarter.
ITW's second quarter revenues of $4.076 billion were 20.1 percent higher than the year-ago period. Base revenues grew 15.1 percent in the second quarter, with North American base revenues increasing 15.8 percent and international base revenues growing 14.2 percent. Notably, international end markets showed no discernable signs of slowing as the second quarter progressed. Acquisitions and currency translation added 3.0 percent and 2.3 percent, respectively, to second quarter revenues.
Second quarter operating income of $652.7 million was 95 percent higher than the year-ago period. Income from continuing operations totaled $420.8 million, a 135 percent improvement versus the year-earlier period.
"Our very strong second quarter operating performance was due to a combination of better than expected end market demand as well as contributions from restructuring programs over the past two years," said David B. Speer, chairman and chief executive officer. "Notably, end markets associated with the automotive OEM, industrial packaging, welding, electronics and polymers and fluids businesses all showed strength in the quarter."
