ITW Revenue & Income Grow
ITW Revenue & Income Grow
Jason Sandefur
Illinois Tool Works Inc. reported that operating revenues for the third quarter of 2003 improved 5% to $2.53 billion, while net income gained 9.5% to $268.9 million. Q3 income from continuing operations rose 10% to $269.8 million.
“While we welcome the fact that our North American September revenue and income results were stronger than we originally anticipated, we remain cautious about a sustainable end market rebound in the fourth quarter of this year,” stated CEO James Farrell.
Q3 operating revenues for North American Engineered Products, including fasteners, grew 1%, while operating income increased 2%. Strength in the ITW construction and Wilsonart businesses offset weakness from the automotive units. For the first nine months of 2003, revenues were flat and operating income declined 8%.
International Engineered Products, including fasteners, reported Q3 revenues grew 17%, while operating income grew 7%. For the nine-month period, revenues grew 20 percent and operating income increased 19 percent.
For the first nine months of 2003, overall operating revenues increased 5% to $7.41 billion, while operating income grew 6 percent to $1.20 billion. Income from continuing operations increased 7% to $753.3 million. Web: itw.com �2003 FastenerNews.com
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