8/4/2009
HEADLINES
STOCKS: ITW Transportation Fastener Sales Down

Illinois Tool Works reported sales in its Transportation segment, including automotive fasteners, declined 20% to $502.3 million during the second quarter of 2009, while segment operating income slipped 75% to $24.3 million.

International auto base revenues eased to a loss of 22.5%, “in part due to the ‘cash for clunkers’ auto incentive program.”

North American auto revenue finished with a 39.5% decline in Q2 compared to a 46.6% decline the previous quarter.

Construction Products sales, including fasteners, dropped 34% to $370.7 million during Q2, while segment operating income fell 72% to $21.7 million.

Overall ITW revenue dipped 25.5% to $3.93 billion, with net income declined 66% to $176.5 million. ©2009 GlobalFastenerNews.com

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