ITW sales up slightly
Illinois Tool Works Inc. reported second quarter revenues of $4.2 billion increased 1.0 percent.
North American organic revenues decreased 1.0 percent, largely due to modest end market softness in the industrial packaging, polymers and fluids and welding segments as well as difficult year-over-year comparisons for the electronics assembly business. International revenues increased 1.1 percent, with European organic revenues decreasing only 1.0 percent. Asia Pacific organic revenues increased 2.6 percent, with China and Australia/New Zealand organic revenues growing 13.5 percent and 2.1 percent, respectively.
The Automotive OEM segment led the company in organic growth, increasing 12 percent versus worldwide auto build growth of 3 percent.
"Despite some headwinds in certain North American end markets, ITW continued to generate strong operating margins and returns in the quarter," said E. Scott Santi, president and chief executive officer. "For the balance of the year, while we remain cautious about end markets and revenue growth for some of our segments, we continue to have confidence in our ability to meet our profitability forecasts."
Net income was $465 million, or $1.03 per diluted share, compared to $881 million, or $1.85, for the same period last year.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
