Diversified manufacturer Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, reported third-quarter operating revenues were $3.6 billion, down 19.8% from a year ago but better than second quarter results. Base revenues were down 22.2%. Profit decreased by 33.3% to $302.4 million.
Year-to-date, operating revenues were $10.1 billion, down 25.2% from the same period the prior year. Profit was down 65.8% to $439.6 million.
Sales for the Power Systems and Electronics segment declined 34.6% in the quarter, with base revenues decreasing 34.2%.
Transportation segment sales declined 7.0%, with base revenues decreasing 7.9% compared to a base revenue decline of 23.7 percent in the 2009 second quarter. The sequential improvement in base revenues was largely attributable to increased auto builds in North America.
Worldwide sales for the Food Equipment segment declined 10.2% in the quarter, with base revenues decreasing 6.3%.