ITW Sales Grow Despite Detroit Slowdown
ITW Sales Grow Despite Detroit Slowdown
Jason Sandefur
Illinois Tool Works reported revenues during the first six months of 2008 grew 10.9% to $8.7 billion, while operating income increased to $1.27 billion. Net income slipped 8% to $831.7 million.
During the second quarter revenues improved 10% to $4.57 billion, with operating income rising 8.7% to $756.7 million. Q2 net income grew 4% to $528.1 million. Base revenues were flat during the second quarter, with international base revenues growing 3% and North American base revenues declining 2%.
“We believe our operating performance in the second quarter exemplifies the company’s ability to outperform across slowing end markets thanks to our decentralized operating structure and our aggressive efforts to manage operating costs,” stated CEO David Speer.
Q2 sales in its Transportation segment, which includes fasteners, dropped 4.7% as North American automotive base revenues decreasing 12.8% while international base revenues were essentially flat. North American automotive base revenues decreased only 13% even though Detroit 3 auto builds fell 21% in the quarter, ITW noted.
Speer said ITW remains focused on acquisitions. Web: itw.com �2008 FastenerNews.com
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