ITW Sales & Income Increase

Jason Sandefur

Strong growth in construction and industrial markets helped Illinois Tool Works post an 8% revenue gain for its North American engineered products, including fasteners, during the second quarter of 2004. Q2 segment operating income grew 12%, hampered by “pricing issues related to automotive customers.” Segment sales for the first six months of 2004 grew 7%, while income increased 16%.
Q2 sales for ITW”s international engineered products rose 37%, driving operating income up 48% during the period. International sales for the first half of 2004 gained 33%.
Overall, Glenview, IL-based ITW reported sales gained 17% to $3 billion during Q2, while net income jumped 30.5% to $360.35 million. For the first six months of 2004, sales increased 17% to $5.7 billion, pushing profit up 38% to $650.5 million. “We continue to be very pleased with nearly all facts of our business and the improving characteristics of our end markets,” commented CEO James Farrell. Web: itw.com �2004 FastenerNews.com