Global Fastener News

EF&C Boosts ITW Growth

EF&C Boosts ITW Growth
July 25
11:59 2017


ITW reported revenue grew 4.9% to $3.6 billion in the second quarter of 2017.

“Organic revenue increased 2.6% while the 2016 acquisition of Engineered Fasteners & Components (EF&C) added 3.5% to revenue,” the company stated.

Q2 operating income increased 10% to a record $874 million. Operating margin for the quarter was 24.3%, an increase of 120 basis points.

Q2 revenue for ITW’s Automotive OEM segment, including fasteners, totaled $820 million, which included organic growth of 4%. Segment operating income reached $182 million, with an operating margin of 22.3%.

Six-month Automotive OEM revenue totaled $1.65 billion, with operating income of $384 million and operating margin of 22.3%.

Second-quarter Construction Products segment revenue, including fasteners, totaled $425 million, which included organic growth of 2%. Q2 segment operating income reached $102 million, with a margin of 24%.

Construction Products segment revenue totaled $820 million in the first half of 2017, with segment operating income at $191 million and an operating margin of 23.3%.

ITW acquired EF&C from ZF TRW for $450 million in July 2016. EF&C operates 13 locations with a global manufacturing and engineering footprint that serves its customers in Europe, Asia, and North America. The business has 3,500 employees located in 12 countries.

ITW runs EF&C as a standalone division within its automotive OEM segment. Web: itw.com

FIN subscribers can visit the FIN Stock Review section of GlobalFastenerNews.com for the last nine years of financial results from public fastener companies.

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