ITW 4Q revenues down 6.5 percent
Illinois Tool Works reported fourth quarter revenues of $3.3 billion were down 6.5 percent primarily due to the impact from foreign currency translation.
Net income of $450 million was flat compared to the same quarter last year, but earnings per share improved to $1.23 compared to $1.16.
Organic revenue declined 0.6 percent as the company’s ongoing PLS activities reduced organic growth by 1 percentage-point.
Automotive OEM organic revenue grew 5 percent, including 10 percent growth in Europe, 4 percent growth in North America and 14 percent growth in China.
Construction Products organic revenue increased 3 percent driven by 7 percent growth in Asia Pacific and 2 percent growth in North America.
Food Equipment organic revenue increased 2 percent against a challenging prior year comparison with solid growth in international equipment and North America service.
Sequential demand in Welding was up 2 percent compared to the third quarter of 2015, and was flat on a seasonally adjusted basis.
Test & Measurement/Electronics organic revenue declined 3 percent.
For the full year, sales of $13.4 billion compared to revenue of $14.5 billion in the previous 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.
