ITW sales and earnings fall
Illinois Tool Works reported third quarter earnings declined by 14 percent to $452 million, compared to $524 million in the same period last year.
The manufacturing conglomerate's earnings per share of $1.01 compared to $1.12 in the third quarter of 2012. Revenues for the period were $3.6 billion, compared to $3.7 billion last year.
Earlier this year, the company announced plans to sell its industrial packaging segment in a restructuring effort.
Organic revenues grew by 2.9 percent internationally but North American organic revenues declined by 1.4 percent. Internationally, Asia Pacific organic revenues grew 6.9 percent, with China organic revenues increasing 21.5 percent. In addition, European organic revenues grew 1.0 percent.
The Automotive OEM segment's organic revenues increased 11.5 percent, with strong growth across all regions.
Food Equipment segment's organic revenues grew 4.4 percent, with across-the-board contributions from the North American and international equipment and service businesses.
In the Construction Products segment, organic revenues increased 3.3 percent due to 9.3 percent organic revenue growth in North America.
Looking ahead, the company is forecasting its full-year diluted income per share from continuing operations to be in a range of $3.56 to $3.64, which assumes a full-year total revenue growth range of 1.0 percent to 2.0 percent. It had previously projected $3.50 to $3.66 in per-share earnings on 0.5 percent to 2.5 percent revenue growth
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.
