ITW International Fastener Sales Up
ITW International Fastener Sales Up
Jason Sandefur
Illinois Tool Works Inc. reported sales in its Transportation segment, including automotive fasteners, increased 12% to $594.3 million during the first quarter of 2008, with income growing 8.7% to $91.7 million. The results including a 6% revenue gain in ITW’s international businesses and a 3% drop in U.S. revenue from declining auto build rates. Global MRO sales grew 4% during the quarter.
Sales in its Construction segment, including construction fasteners, rose 2% to $484 million, but operating income dropped 4% to $50.4 million. Residential products sales slipped 20% on a 29% drop in housing starts during Q1.
“We believe end markets will continue to be challenging in North America over the foreseeable future,” commented CEO David Speer.
ITW’s overall revenue grew 11.4% to $4.14 billion, while net income dropped 24% to $303.6 million. Web: itw.com �2008 FastenerNews.com
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