Illinois Tool Works Inc., Glenview, IL, sales in the first quarter of 2009 were $2.9 billion, a decline of 24% from the first quarter of 2008. The manufacturer recorded a loss of $39 million for the period.
Due to further weakening in first quarter worldwide end markets, base revenues declined 23.3% versus the year ago period, with North America decreasing 26.7% and international falling 19.5%. Currency translation negatively impacted revenues 7.3% and acquisitions contributed 6.6% in the quarter.
"The 2009 first quarter represented historic challenges for our company as end markets continued to weaken in North America, Europe and Asia-Pacific," CEO David B. Speer said. "As a result, we continued to take aggressive restructuring actions that we believe provide the important balance between near-term market conditions and investment in longer-term growth initiatives."
Sales for the Power Systems and Electronics segment declined 32.1% percent in the quarter, with base revenues decreasing 31.9%.
For the Transportation segment, revenues fell 26.8%, with base revenues decreasing 35.5 percent. The significant decline was directly attributable to dramatically lower North American and international auto builds.
Food Equipment segment sales dropped 15.4% in the quarter, with base revenues decreasing 9.2%.