7/26/2011 2:02:00 PM
NEWS BRIEFS
ITW Auto Fastener Business Reports Growth

+ click to enlarge

ITW reported Transportation segment revenue, including fasteners, grew 22.7% to $805.6 million in the second quarter of 2011, while segment operating income climbed 15% to $119.7 million and margins dropped 0.9% to 14.9%. 
 

North American base revenues increased 6.6%, compared with 1% growth in domestic auto builds, and international base revenues gained 8.2%, compared to 4% growth in European auto builds.
 

The global auto aftermarket worldwide base revenues improved 1.3% “due to the rise in gas prices and lower miles driven.”
 

Construction segment revenue, including fasteners, gained 11.7% to $519.9 million during Q2, boosted by a 6.1% base revenue growth in Europe. Q2 construction segment operating income dropped 4.7% to $64.3 million, while margins dipped 2.1% to 12.4%.
 

Consolidated operating revenues at ITW gained 17.5% to $3.93 billion, while operating income gained 13.6% to $626 million and net income jumped 21.1% to $411.5 million. ©2011 GlobalFastenerNews.com