ITW reported Automotive OEM revenue, including fasteners, declined 4.1% to $714 million in the third quarter of 2020, with operating income totaling $149 million and operating margin dropping 130 basis points to 20.8%.

Construction Products revenue, including fasteners, increased 7.6% to $456 million during Q3, with operating income totaling $128 million and operating margin gaining 300 basis points to 28.1%.

Overall ITW revenue declined 4.9% to $3.31 billion during the quarter, with operating income down 9.1% to $789 million and operating margin falling to 23.8%.  Q3 net income slipped 11.8% to $582 million.

“We saw solid recovery progress in many of the end markets we serve in the third quarter as evidenced by our revenue being up sequentially 29 percent versus second quarter,” stated CEO E. Scott Santi.

During the first nine months of 2020, Automotive OEM revenue declined 24.2% to $1.77 billion, with operating income totaling $266 million and operating margin dropping 660 basis points to 15%.

Nine-month Construction Products revenue fell 1.5% to $1.22 billion, with operating income reaching $309 million and operating margin up 130 basis points to 25.3%.

Overall nine-month ITW revenue declined 14.5% to $9.1 billion, while operating income slipped 22.4% to $1.99 billion and net income decreased 22% to $1.47 billion.  Web: ITW.com