Illinois Tool Works Inc., Glenview, IL, reported 11.4% growth to $4.139 billion in the first quarter 2008. The increase was due to a 6.3% contribution from acquisitions and a 4.8% contribution from currency translation.
Organic growth was 0.4%, with international base revenues growing 4.6% and North American revenues falling 2.5%.
Overall profit of $303.6 million was down 24.6% from the year-ago period.
We are very pleased with our operating performance in the 2008 first quarter, especially in light of difficult end market conditions in North America and the modest slowing but still positive growth in international end markets,” said David B. Speer, CEO. “We believe end markets will continue to be challenging in North America over the foreseeable future. We also remain optimistic about our acquisition opportunities based on our strong pipeline of potential deals.”
Food Equipment’s worldwide base revenues grew 6% in the quarter, with international base revenues increasing 13% and North American base revenues growing 2%.
Base revenues for the worldwide Polymers and Fluids segment increased 4% in the quarter, with international base revenues growing 7% and North American base revenues increasing 1%.
Base revenues for the worldwide Transportation segment increased 1% in the quarter, with international base revenues growing 6% and North American base revenues declining 3%. For automotive OEM and tier customers, base revenues were down 5% while North American auto builds declined 8% in the quarter.
Base revenues for the worldwide Construction segment decreased 6% in the first quarter, with North America base revenues declining 18% and international base revenues growing 4%. The Company’s North American residential construction base revenues significantly outperformed first quarter housing starts which declined 29% in the quarter.
ITW is a global diversified manufacturer of industrial products and equipments with annual sales of about $16.2 billion.”