5/19/2011 9:28:00 AM
NEWS BRIEFS
ITW Fastener Segment Sales Continue Growth
Illinois Tool Works Inc. operating revenue climbed 16% in the past three months, including 8% organic growth and five percentage points of growth from acquisitions.
Transportation segment sales, including fasteners, grew 24%.
ITW predicted strong sales growth for the second quarter, boosting its forecast of second-quarter EPS to a range of 99 cents to $1.05 on revenue growth of 17% to 20%.
ITW reported revenues for the Transportation segment, including fasteners, grew 23.6% in the first quarter of 2011, “largely due to ongoing strength in automotive OEM car builds as well as new product penetration.”
While worldwide automotive OEM organic revenues grew 15.7% in the first quarter, North American and European car builds increased 11% versus the year-ago period. Segment operating margins of 15.9% improved 80 basis points.
Overall revenues grew 17.4% to $4.4 billion. Organic revenues grew 11.7%, with North American organic revenues increasing 12.2% and international organic revenues growing 11%.
Q1 operating income of $682.6 million increased 26% and net income grew 86% to $623.1 million. ©2011 GlobalFastenerNews.com
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