ITW revenues down by 2.3%
Illinois Tool Works reported fourth quarter revenues of $4.221 billion declined 2.3 percent.
The company said the decline resulted from the sale of its Decorative Surfaces business and the negative impact of currency translation. Excluding the impact of divestitures, total revenues would have grown approximately 2 percent.
By region, North American organic revenues grew 1.6 percent and international organic revenues decreased 0.5 percent. European organic revenues decreased 2.6 percent while Asia Pacific organic revenues increased 3.7 percent.
The Transportation segment led the company in organic growth, increasing 4.2 percent in the quarter. Notably, the worldwide automotive OEM business produced organic revenue growth of 10.9 percent, including organic growth of 12.4 percent in North America and 1.8 percent organic growth in Europe. The increase in European organic growth took place even as car builds in that region fell 7 percent in the quarter.
Net income was $979 million, or $2.10 per share, compared to $442 million, or 90 cents per share, in the same period last year.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
