ITW reported Automotive OEM revenue, including fasteners, declined 10.4% to $788 million in the second quarter of 2019, which included an organic sales decline of 7.1%. Segment operating income fell 12% $174 million, while operating margin decreased 40 basis points to 22.1%.

During the first six months of 2019, Automotive OEM revenue dropped 10.4% to $1.59 billion, which included an organic sales decline of 6.7%. Segment operating income fell 17.8% to $341 million and operating margin decreased 190 basis points to 21.4%.

Construction Products revenue, including fasteners, declined 4.5% in Q2 to $424 million, with operating income down 2.7% to $106 million and margins up 50 basis points to 25%.

Six-month Construction Products revenue fell 5.4% to $825 million, with operating income dropping 5.4% to $193 million and margins up 10 basis points to 23.4%.

Overall ITW revenue fell 5.8% to $3.6 billion in Q2, with organic revenue down 2.8%. Operating margin slipped 20 basis points 24.1%, while operating income declining 6.5% to $871 million.

“In the second quarter, we experienced a deceleration in demand across our portfolio relative to the demand levels we were seeing exiting the first quarter,” stated CEO E. Scott Santi.

Six-month consolidated revenue was down 5.4% to $7.16 billion, with operating income dropping 6.8% to $1.71 billion. Web: ITW.com