ITW Sales & Profit Grow

Jason Sandefur

Illinois Tool Works Inc. reported revenue for the fourth quarter of 2003 rose 8% to $2.63 billion, while net income jumped 27% to $283.3 million. Q4 revenue for North American Engineered Products, including fasteners, improved 3%, while operating income dipped 9%.
“We were very pleased with the Company’s financial performance in the most recent quarter, especially with our ability to substantially grow income from continuing operations and improve our operating margins for both total Company in general and our international segments in particular,” said CEO James Farrell.

For the full year, revenue gained 6% to $10.04 billion, while 2003 net income increased 44% to $1.02 billion. North American Engineered Products revenue grew 1% in 2003, but operating income fell 8%. Web: itw.com �2004 FastenerNews.com