ITW Fastener Sales Slow
ITW Fastener Sales Slow
Jason Sandefur
Amidst lagging North American markets, Illinois Tool Works Inc. reported revenue at its North American Engineered Products segment, including fasteners, declined slightly to $1.03 billion during the first quarter of 2007. ITW said auto-based revenue slipped 7% during Q1 and industrial sales declined 1%. Overall operating income for North America dropped 11.5% to $153.3 million.
International Engineered Products sales soared 33% to $833.1 million, which included a 7% increase in industrial revenue. Segment operating income gained 29% to $97.5 million.
For the quarter, ITW consolidated revenue increased 14% to $3.76 billion, while net income rose 10% to $402.2 million.
“While a number of North American end markets continued to be challenging, our strong acquisition activity and expanding international presence were important contributors to our revenue and net income growth in the first quarter,” commented CEO David Speer. Web: itw.com �2007 FastenerNews.com
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