ITW revenue up 4.9 percent
Illinois Tool Works reported second-quarter revenue grew 4.9% to $3.6 billion.
Organic revenue increased 2.6% while the 2016 acquisition of Engineered Fasteners & Components added 3.5% to revenue. Foreign currency translation reduced revenue by 1.2%.
Organic revenue growth was positive in six of seven segments: 4% in Automotive OEM, 4% in Test & Measurement/Electronics, 4% in Specialty Products, 3% in Welding, 2% in Construction Products, and 1% in Food Equipment. Polymers & Fluids was down 1%.
Net income of $587 million was up 11.8 percent from $525 million reported in the second quarter of last year.
Earnings were $1.69 per share, an increase of 16% versus $1.46 in the second quarter of 2016.