Illinois Tool Works Organic Sales Flat in 2Q - Modern Distribution Management

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Illinois Tool Works Organic Sales Flat in 2Q

North American organic revenues decreased 1 percent.

Illinois Tool Works Inc. (NYSE: ITW), Glenview IL, reported second-quarter sales of $4.2 billion, a decrease of 5.5 percent compared to the same period a year earlier. Organic sales were flat for the quarter. Profit decreased 47.2 percent to $465 million.

By geography, North American organic revenues decreased 1 percent for the quarter, largely due to modest end-market softness in the industrial packaging, polymers and fluids and welding segments as well as difficult year-over-year comparisons for the electronics assembly business. International revenues increased 1.1 percent, with European organic revenues decreasing 1 percent. Asia Pacific organic revenues increased 2.6 percent, with China and Australia/New Zealand organic revenues growing 13.5 percent and 2.1 percent, respectively.

The automotive OEM segment led the company in organic growth, increasing 12 percent versus worldwide auto build growth of 3 percent. The segment's European automotive organic revenues grew 11 percent, outpacing second-quarter Europe auto builds that increased 1 percent. North American and China automotive organic revenues increased 7 percent and 40 percent, respectively, compared to auto builds of 6 percent and 11 percent.

For the first six months, sales for ITW were $8.2 billion, a 6.2 percent decrease compared to the prior-year quarter. Profit fell 40.1 percent to $819 million.

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