7/23/2015 12:53:00 AM
NEWS BRIEFS
ITW Fastener Segments Report Falling Revenue

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ITW reported Automotive OEM organic revenue, including fasteners, fell 3.4% in the second quarter of 2015 to $649 million, despite 6% organic growth. Organic revenue increased 10% in Europe, 5% in North America and 8% in China. Operating income reached $159 million, with operating margin of 24.5%, up 80 basis points.

Six-month Automotive OEM revenue dipped 2.7% to $1.3 billion, with 6.3% organic growth. Operating income reached $322 million, with operating margin of 24.8%.

Construction Products revenue, including fasteners, declined 5.7% in Q2 to $419 million, which included organic revenue gains of 6% driven by 15% growth in North America. Operating income totaled $84 million, with operating margin up 170 basis points to 19.9%.

Six-month Construction Products revenue fell 7% to $800 million, with 4.2% organic growth. Segment operating income reached $147 million, with operating margin of 18.3%.

Overall ITW revenue dropped 7.6% to $3.4 billion, with operating income down 4.3% to $730 million and net income falling 68% to $480 million. 

ITW manufactures highly engineered fasteners and industrial components and specialty products primarily for the auto, food and construction industries. Brand names include Buildex, Fastex, Ramset/Red Head and Shakeproof.