7/20/2010
NEWS BRIEFS
Strong Auto Builds Boost ITW Fastener Segment Sales
ITW CEO David Speer
ITW reported Transportation segment revenue, including fasteners, jumped 34% to $672 million in the second quarter of 2010, boosted by strong auto builds and improved auto aftermarket performance. North American auto builds jumped 72% to 3.1 million vehicles during the period, while production in Europe grew 25% to 5 million vehicles and global auto aftermarket revenues gained 4.2% as “miles driven” increased.
Transportation operating income more than quadrupled to $108.8 million during Q2.
Construction products revenue, including fasteners, grew 24% to $459.4 million during the period, led by a 30% jump in North American commercial construction revenue and a 14.2% gain in residential construction sales.
“Our very strong second quarter operating performance was due to a combination of better than expected end market demand as well as contributions from restructuring programs over the past two years,” said CEO David Speer. “Notably, end markets associated with the automotive OEM, industrial packaging, welding, electronics and polymers and fluids businesses all showed strength.”
Overall Q2 revenue increased 20% to $4.08 billion, which included a 15.1% improvement in North American base revenue and a 14% gain in international sales. Net income more than doubled to $420.8 million.
First-half sales grew 17% to $7.68 billion, while net income soared to $715.1 million compared to $137.2 million during the second quarter of 2009. ©2010 GlobalFastenerNews.com
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Related Links:
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