Illinois Tool Works, Glenview, IL, reported sales for 2012 of $17.9 billion, up slightly over sales in 2011. Profit increased 38.6 percent to $2.9 billion.
For the fourth quarter, sales were $4.2 billion, down 2.3 percent, largely due to the impact of the Decorative Surfaces divestiture and the negative impact of currency translation. Excluding divestitures, sales increased 2 percent.
Fourth-quarter profit more than doubled to $979 million, compared with year-ago profit of $442 million.
By region, North American organic revenues grew 1.6 percent and international organic revenues decreased 0.5 percent. European organic revenues decreased 2.6 percent while Asia Pacific organic revenues increased 3.7 percent.
Looking ahead, the Company believes full-year 2013 will be characterized by modest growth for both North American and international geographies. Total Company organic revenue growth is expected to be in a range of 1 percent to 3 percent.