ITW Auto Fastener Sales Grow
ITW Auto Fastener Sales Grow
Jason Sandefur
Better than expected automotive base revenue helped Illinois Tool Work’s North American Engineered Products, including fasteners, achieve a 2.4% increase in revenue to $1.04 billion during the third quarter of 2007. Segment operating income dropped 3.2% to $173.1 million.
“In the quarter, automotive base revenues increased 2 percent thanks largely to better builds by the Detroit 3 and the New Domestics,” the company stated in SEC filings.
ITW reported robust growth in its International Engineered Products segment, which saw Q3 revenue grow 32.5% to $954.6 million and income gain 28% to $140.6 million.
Overall Q3 revenue soared 15.7% to $4.09 billion, with net income improving 10% to $491.1 million. Web: itw.com �2007 FastenerNews.com
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