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Illinois Tool Works Inc., Glenview, IL, reported operating revenue decreased 21% for the three months ended Feb. 28, 2009. The decline was due to a 20% decrease in base revenues and a 7% fall off in contributions from currency translation. Acquisitions contributed 7%. Significantly lower than expected end market activity in North America, Europe and Asia in January and February also contributed to the decline in operating revenues.
On a segment basis, the Company's three month moving average percentage change for operating revenues, comprised of base revenues, acquisitions/divestitures and currency translation, is provided below:
Industrial Packaging: -27.7%
Power Systems and Electronics: -26.9%
Food Equipment: -15.5%
Construction Products: -31.7%
Polymers and Fluids: +1.2%
All Other: -12.0%
In January and February, ITW experienced significantly weaker demand across worldwide end markets versus its original expectations and expects similar trends in March.
With $15.9 billion in revenues, ITW is a diversified and value-added manufacturer of industrial products and equipment. The company has 875 business units in 54 countries with 65,000 employees.