ITW sales and earnings fall
Illinois Tool Works Total reported 1Q revenues declined by 8 percent to $4.0 billion.
Excluding the impact of the discontinued Decorative Surfaces segment, total revenues declined 1.8 percent. By geography, North American organic revenues decreased 1.9 percent and international organic revenues declined 3.5 percent. While European organic revenues fell 5.8 percent, Asia Pacific organic revenues grew 0.5 percent. Notably, China organic revenues increased 10.2 percent.
Earnings dropped 27 percent to $354 million, or 78 cents per share, from $486 million, or $1 per share, a year ago.
"Despite softer than anticipated demand in many of our end markets, we delivered very solid operating results in the quarter," said E. Scott Santi, president and chief executive officer.
Incorporating first quarter actual results, the company is now forecasting full-year organic growth to be in a range of 0 percent to 2 percent versus full-year 2012.
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.
