Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, reported 2010 first-quarter sales were $3.6 billion, 14.6% higher than the year-ago period. The manufacturer noted that end markets associated with automotive OEM, polymers and fluids, industrial packaging, and the PC board fabrication businesses showed strength in the quarter.
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The company's base revenues grew 7.5% in the quarter, with North American base revenues increasing 7.1% and international base revenues growing 8%. Acquisitions and currency translation added 2% and 5.4% respectively to first-quarter revenues.
Profit for the quarter was $294.3 million, compared with a loss of $39.3 million in the third quarter 2009.
Segment results for the 2010 first quarter:
Worldwide revenues for the Transportation segment increased 35.6% in the quarter versus the year-ago period. Segment base revenues grew 32.0% compared to the year-earlier period largely due to increased auto builds in North America and internationally. North American auto builds of 2.9 million units in the first quarter were 1.2 million units higher than the year-ago period. Internationally, European auto builds of 4.2 million units in the first quarter were 1.2 million units higher than the year-earlier period. As a result, worldwide automotive base revenues grew 39.1% in the quarter versus the year-ago period. Automotive aftermarket base revenues increased 0.6% in the first quarter.
Worldwide revenues for the Power Systems and Electronics segment grew 13.7% in the first quarter versus the year-ago period. Base revenues increased 10.7% in the most recent quarter compared to the 2009 first quarter mainly due to improvements in the electronics-related businesses. The PC board fabrication businesses produced a base revenue increase of 89.4% in the first quarter versus a year ago as demand for consumer electronics significantly increased. While worldwide welding's base revenues declined 1.4% in the first quarter compared to the year-ago period, this represents a significant sequential improvement from the 2009 fourth quarter when worldwide welding's base revenues declined 24.9% compared to fourth quarter of 2008.
With $13.9 billion in 2009 revenues, ITW is a multinational manufacturer of a diversified range of industrial products and equipment. The company consists of 800 business units in 57 countries and employs 59,000 people.