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Fourth quarter profit for the diversified manufacturer was $507.4 million, compared to profit of $233.8 million a year ago.
Full-year 2009 operating revenues of $13.88 billion were 18.8% lower than 2008. Base revenues fell 18.4%% for the full year, with North American base revenues decreasing 21.6% and international base revenues declining 14.9%. Full-year profit declined 37.7% to $947 million.
"Given the ongoing modest recovery in many of our worldwide end markets, we are very pleased with the performance of our global businesses and our operating results in the fourth quarter," CEO David B. Speer said.
Worldwide revenues for the Transportation segment increased 9.6% in the quarter versus the year-ago period. Segment base revenues grew 6.3% in the fourth quarter compared to the 2008 fourth quarter. By comparison, base revenues declined 7.9% in the 2009 third quarter versus the year-ago period. The sequential improvement in base revenues was largely due to increased auto builds both internationally and in North America.
Worldwide revenues for the Power Systems and Electronics segment decreased 17.9% in the fourth quarter versus the year-ago period. Base revenues declined 21.6% in the most recent quarter compared to the 2008 fourth quarter. By comparison, base revenues fell 34.2% in the 2009 third quarter versus the prior year period.
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