ITW International Fastener Segment Sales Jump

Jason Sandefur

ITW announced sales at its North American Engineered Products, including fasteners, dropped 0.3% to $1.09 billion during the second quarter of 2007, while segment operating income declined 7.3% to $194.5 million. Q2 sales performance as improved over first quarter results “largely due to modest improvements in the new housing and Detroit 3 auto sectors,” the company stated. Second quarter construction revenues dropped 5% and automotive base revenues declined 4%.
Segment sales for the first half of 2007 decreased 0.3%, while operating income declined 9.2%.
Sales at International Engineered Products, including fasteners, soared 32.6% to $976.7 million as currency translation added 9.3%. Operating income jumping 34% to $148 million. For the 2007 first half, revenues increased 33% and operating income rose 31.8%.
Overall Q2 revenue climbed 16.2% to $4.16 billion, while net income gained 8.5% to $505.6 million.
“The company’s solid performance in the second quarter highlights our growing international diversification as well as strong operating discipline in an assortment of North American businesses where some end markets remained challenging,” commented CEO David Speer.
Six-month sales at ITW increased 15% to $7.92 billion, and net income gained 9% to $908 million. Web: itw.com �2007 FastenerNews.com