ITW North America Engineered Product Sales Top $1.1b

Jason Sandefur

ITW reported sales for North American Engineered Products grew 13.4% to $1.1 billion during the second quarter of 2006, which included an 11.1% boost from acquisitions. Operating income soared 19.8% to $212 million. North American Engineered Product revenue rose 13.5% during the first six months of 2006, while operating income grew 21%.
Q2 International Engineered Products revenue increased 3.9% to $739.2 million, while operating income rose 8.2% to $110.5 million. Six-month segment revenue and income were essentially flat.
Overall Q2 revenue increased 4.5% to $3.58 billion, while operating income gained 17.8% to $659.8 million. Net earnings jumped 24.6% to $465.9 million, primarily from “reasonable North American market demand, improving international end market activity and strong operating margin performance.”
Consolidated first-half sales rose 8% to $6.88 billion, with operating income increasing 18% to $1.2 billion and profit growing 21% to $832.4 million.
“We are extremely pleased with our financial performance for both the second quarter and first half of the year,” stated CEO David Speer. “We remain confident in our ability to successfully drive profitability and margin growth in our business units as well as source and close attractive and sensibly-priced acquisitions.” Web: itw.com �2006 FastenerNews.com