SPS, Fastenal, Textron & ITW Report Q2 Results

John Wolz

SPS Technologies reported Q2 sales dropped 10% to $215.6 million. Combined aerospace and engineered fastener sales fell 6% to $154.8 million, down 8% for the first half of 2002. Incoming fastener orders in Q2 declined 22% to $295.7 million  Fastenal Company reported Q2 sales rose 12.6% to $207 million while earnings jumped 14.8% to $21.8 million. Sales increased 9.1% to $448 million for the first half of 2002, partly due to a boost from two former Textron fastener subsidiaries acquired in August 2001  Illinois Tool Works income for Q2 grew 5% to $265.2 million. Strong business in automotive, construction and industrial markets spurred an 11% rise in operation income for its North American engineered products  Textron reported a 26% decline in Q2 net income to $116 million. Revenue dropped 15% to $2.8 billion, due partly to a 10% dip in fastening systems revenue to $827 million

2002 FastenerNews.com