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Diversified industrial manufacturer Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, sales for the second quarter were $4.08 billion, a 20.1 percent increase over second quarter 2009. Profit for the period was $420.8 million, compared to $176.6 million a year ago.
Base revenues grew 15.1 percent in the second quarter, with North American base revenues increasing 15.8 percent and international base revenues growing 14.2 percent. International end markets showed no discernable signs of slowing as the second quarter progressed. Acquisitions and currency translation added 3.0 percent and 2.3 percent, respectively, to second quarter revenues.
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For the first six months, sales improved 17.4 percent to $7.68 billion. Profit was $715.1 million, compared to $137.2 million for the same period a year ago.
"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," CEO David B. Speer said. "Notably, end markets associated with the automotive OEM, industrial packaging, welding, electronics and polymers and fluids businesses all showed strength in the quarter. Acquisition activity continues to show improvement as we closed approximately $280 million in annualized revenues in the first half of the year."
Total worldwide revenues for the Power Systems and Electronics segment grew 24.6 percent in the second quarter versus the year-ago period. Base revenues increased 22.6 percent due to strong end market demand associated with both the welding and electronics businesses. Worldwide welding base revenues grew 13.5 percent in the second quarter versus the year-ago period, with North American welding increasing 20.6 percent. International welding base revenues were flat. Driven by ongoing strong consumer electronics demand, the PC board fabrication business grew its base revenues 89.8 percent versus the 2009 second quarter.
Total worldwide revenues for the Industrial Packaging segment increased 23.5 percent in the second quarter compared to the year-earlier period. Base revenues grew 17.7 percent in the quarter largely as a result of increased demand in key North American industries such as automotive, construction and appliance for plastic and steel strapping consumables. Total North American industrial packaging base revenues grew 22.5 percent in the second quarter versus the year-ago period. Total international industrial packaging base revenues increased 11.9 percent in the second quarter compared to the 2009 second quarter.