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ITW Sales Down 25.5% in 2Q

Illinois Tool Works Inc., Glenview, IL, reported operating revenue for the second quarter 2009 were $3.4 billion, down 25.5% from second quarter 2008. Profit declined 66.6% to $176.6 million. Base revenues declined 22.2%, with North American base revenues decreasing 26.8% and international base revenues declining 17.3%.

Year-to-date, the diversified industrial manufacturer reported sales of $6.5 billion, down 24.7% from same period a year ago. Profit declined 83.5% to $137.2 million.

The company incurred $65 million of restructuring charges in the quarter, bringing the year-to-date total to $98 million. An additional $50 million to $70 million of restructuring charges are expected in the second half of 2009.

Worldwide revenues for the Power Systems and Electronics segment declined ...

Illinois Tool Works Inc., Glenview, IL, reported operating revenue for the second quarter 2009 were $3.4 billion, down 25.5% from second quarter 2008. Profit declined 66.6% to $176.6 million. Base revenues declined 22.2%, with North American base revenues decreasing 26.8% and international base revenues declining 17.3%.

Year-to-date, the diversified industrial manufacturer reported sales of $6.5 billion, down 24.7% from same period a year ago. Profit declined 83.5% to $137.2 million.

The company incurred $65 million of restructuring charges in the quarter, bringing the year-to-date total to $98 million. An additional $50 million to $70 million of restructuring charges are expected in the second half of 2009

Worldwide revenues for the Power Systems and Electronics segment declined 38.6% in the quarter, with base revenues decreasing 36.5%.

For the transportation segment, worldwide revenues declined 20.3% in the quarter, with base revenues decreasing 23.7%. Both metrics were significantly better than the 2009 first quarter. The sequential quarter-to-quarter improvement in base revenues was largely attributable to increased auto builds in Europe.

Worldwide revenues for the Food Equipment segment declined 16.2% in the second quarter, with base revenues decreasing 8.5%. North American food equipment base revenues decreased 8.4% while international food equipment base revenues declined 10.2% in the quarter.

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