ITW reported revenue at its Automotive OEM segment, including fasteners, dropped 10.5% in the opening quarter of 2019, which included a 6% drop in organic revenue. Segment operating income declined 23% to $167 million, while the operating margin fell to 20.6%.

During the same period, Construction Products revenue, including fasteners, dipped 6.3% to $401 million, with segment operating income down 8.4% to $87 million and the margin declining to 21.7%.

Overall ITW revenue fell 5% to $3.6 billion in Q1, with operating income down 7.6% to $839 million and operating margin up to 23.6%.

“ITW had a solid start to 2019,” stated CEO E. Scott Santi. “We expanded operating margin to 24.3 percent, excluding the impact from accelerated restructuring, as enterprise initiatives contributed 100 basis points and price/cost was more favorable than expected.” Web: ITW.com