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Illinois Tool Works Inc., Glenview, IL, reported operating revenue for the second quarter 2009 were $3.4 billion, down 25.5% from second quarter 2008. Profit declined 66.6% to $176.6 million. Base revenues declined 22.2%, with North American base revenues decreasing 26.8% and international base revenues declining 17.3%.
Year-to-date, the diversified industrial manufacturer reported sales of $6.5 billion, down 24.7% from same period a year ago. Profit declined 83.5% to $137.2 million.
The company incurred $65 million of restructuring charges in the quarter, bringing the year-to-date total to $98 million. An additional $50 million to $70 million of restructuring charges are expected in the second half of 2009
Worldwide revenues for the Power Systems and Electronics segment declined 38.6% in the quarter, with base revenues decreasing 36.5%.
For the transportation segment, worldwide revenues declined 20.3% in the quarter, with base revenues decreasing 23.7%. Both metrics were significantly better than the 2009 first quarter. The sequential quarter-to-quarter improvement in base revenues was largely attributable to increased auto builds in Europe.
Worldwide revenues for the Food Equipment segment declined 16.2% in the second quarter, with base revenues decreasing 8.5%. North American food equipment base revenues decreased 8.4% while international food equipment base revenues declined 10.2% in the quarter.