5/17/2010
HEADLINES
Stock Report: ITW
With “virtually all OEMs boost(ing) production,” ITW reported sales at its Transportation segment, including fasteners, increased 9.6% to $593.1 million during the fourth quarter of 2009. Transportation operating profit nearly quadrupled to $88.8 million “as Q4 auto builds significantly ramped up in Europe and North America,” improving margins to 15%.
European auto builds jumped 30% to 5.1 million units in the fourth quarter, while North American auto builds gained 15% to 2.7 million units.
Construction segment sales, including fasteners, grew 4% to $432.3 million during Q4, while operating income gained 13.5% to $42.6 million.
Consolidated revenue fell 18.8% to $13.877 billion in 2009, while net income declined 37% to $947 million.
ITW continues to post strong results, with revenue during the opening quarter of 2010 rising 14.6% to $3.06 billion, including a 35% jump in Transportation sales. Net income in Q1 more than quadrupled to $483.9 million.
In January 2010 ITW acquired UK-based specialty coatings maker ICI-Imagedata. The new business unit is called ITW Imagedata and reportedly employ about 50 workers. Imagedata was founded in 1988 and is led by general manager Ian Stephenson.
ITW entered the fastener business in 1923 using a patent on a twisted-tooth lockwasher to start Shakeproof Company in 1923, when Detroit was converting from wood to metal car door hinges.
Fastener involvement expanded with the concept of “preassembling” a washer to a screw.
Today ITW manufactures highly engineered fasteners and industrial components and specialty products primarily for the auto, food and construction industries. Brand names include Buildex, Fastex, Ramset/Red Head and Shakeproof.
Corporate Office: 3600 W. Lake Ave., Glenview, IL 60025-5811.
Tel: 847 724-7500 Fax 847 657-4392
Web: itw.com
CEO: David Speer, 58
Investor Relations: John Brooklier
Employees: 59,000
©2010 GlobalFastenerNews.com
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