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Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, reported sales for 2013 of $14.1 billion, down 4.4 percent from 2012. Profit fell 21 percent to $1.7 billion.
For the fourth quarter, sales were $3.5 billion, up 2 percent from the same period a year ago. Profit was $408 million, compared with $979 million a year ago.
Organic revenues increased 2.8 percent in the quarter, with international growing 3.3 percent and North America growing 2.6 percent. Internationally, Europe showed further stabilization as organic revenues grew 1.8 percent and Asia Pacific grew 4.1 percent.
Automotive OEM grew organic revenues 11.2 percent in the fourth quarter. Operating margins improved 160 basis points to 20.4 percent.
Food Equipment's organic revenues grew 4.2 percent largely due to solid equipment and service growth in North America. Operating margins improved 250 basis points to 19.5 percent.