Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, reported first quarter 2011 sales of $4.38 billion, up 17.4 percent. Organic growth was 11.7 percent, with North American organic growth at 12.2 percent and international growth at 11 percent.
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Profit was $623.1 million.
Revenues for the Power Systems and Electronics segment increased 20.8 percent. Organic revenues grew 16.4 percent based on strong end market demand and market penetration gains associated with a number of businesses.
Worldwide welding organic revenues increased 23 percent, with North American welding organic revenues growing 27.4 percent and international welding organic revenues increasing 12.7 percent. Demand from heavy-equipment OEM's continued to boost welding revenues.
Organic revenues for the PC board fabrication business grew 16 percent due to strong demand for consumer electronics products. The company's other electronics units grew organic revenues 5.3 percent in the quarter.
Revenues for the Transportation segment grew 23.6 percent. Segment organic revenues increased 15.1 percent largely due to ongoing strength in automotive OEM car builds as well as new product penetration. While worldwide automotive OEM organic revenues grew 15.7 percent in the first quarter, North American and European car builds increased 11 percent versus the year-ago period. Segment operating margins of 15.9 percent improved 80 basis points.
