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Illinois Tool Works Sales Up 14.4% in 2010

Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, reported fourth quarter 2010 revenues of $4.169 billion, 11 percent higher than the year-earlier period. Organic revenues were up 9.1 percent in the quarter, with North American revenues increasing 8.9 percent and international organic revenues up 9.2 percent. Profit for the quarter was $392.7 million.

Acquisitions added 3.6 percent to revenues while currency translation negatively impacted revenues by 1.4 percent in the fourth quarter.

For full-year 2010, revenues of $15.87 billion were 14.4 percent higher than 2009. Full-year organic revenues grew 10.8 percent, with North American organic revenues increasing 10.9 percent and international organic revenues growing 10.4 percent. Profit for the year was $1.53 billion.

The manufacturer saw double-digit organic growth in welding, electronics, industrial packaging and test and measurement.

David B. Speer, CEO, said: "We believe these growth rates, along with signs of improvement in many of our other business platforms, reflect continued positive worldwide macro economic conditions. We remain optimistic about our growth prospects for 2011."

Segment highlights for the 2010 fourth quarter:

  • Worldwide revenues for the Power Systems and Electronics segment increased 22.8 percent in the fourth quarter versus the year-ago period. Organic revenues grew 21.4 percent due to ongoing strong demand associated with the welding and electronics-related businesses. Worldwide welding organic revenues increased 18.1 percent in the fourth quarter, with North American welding organic revenues growing 23.3 percent and international welding organic revenues increasing 7.3 percent. Demand from heavy-equipment OEMs continued to drive welding revenues. The PC board fabrication businesses registered growth of 48.9 percent in the quarter, thanks to ongoing strong demand for consumer electronics products. Segment operating margins of 20.0 percent were 530 basis points higher than the year-ago quarter.
  • Worldwide revenues for the Industrial Packaging segment grew 12.6 percent in the fourth quarter compared to the year-earlier period. Organic revenues grew a similar 12.6 percent due to strong customer demand for consumable plastic and steel strapping products as well as improving trends for associated equipment. Total North American industrial packaging organic revenues grew 15.3 percent in the fourth quarter. Internationally, total industrial packaging organic revenues increased 10.2 percent. Segment operating margins of 9.4 percent were 220 basis points higher than the year-ago quarter.
  • Revenues for the All Other segment increased 14 percent in the fourth quarter versus the year-ago period. Organic revenues grew 11.2 percent due to strong contributions from both the test and measurement and finishing businesses. Test and measurement's organic revenues increased 19.5 percent due to broad-based worldwide customer demand, particularly China. As a supplier of paint spray components and equipment, finishing's organic revenues increased 16.7 percent due to improving industrial production trends in North America, Europe and Asia-Pacific.

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