ITW Q1 Income Up; Engineered Product Margins Down
ITW Q1 Income Up; Engineered Product Margins Down
John Wolz
Illinois Tool Works Inc. reported 14% growth in diluted net income per share. First quarter revenue increased 13%, operating income was up 7% and net income 8%.
ITW’s North American Specialty Systems’ business units paced the growth.
Q1 operating revenue totaled $3.074 billion, compared with 2.7 billion in the opening quarter of 2004. Operating income improved to $477.9 million, up from $447.6 million. Net income was $312.3 million.
Margins for North American Engineered Products including fasteners declined from a year ago.
First quarter revenue increased 13% largely from acquisitions and base revenue growth from the industrial and construction business units. Automotive base revenue declined 1% in the first quarter.
Operating income grew 4% due mainly to acquisitions and lower impairment charges versus a yar ago. Base income was down slightly from declines related to pricing issues at automotive units offset increases from industrial units.
International Engineered Products Q1 revenue grew 23% due to acquisitions, translation and the construction and industrial base revenue. Operating income increased 31%. Web: ITW.com . �2005 FastenerNews.com
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