ITW Fastener Sales Grow
ITW Fastener Sales Grow
Jason Sandefur
Illinois Tools Works reported revenue from North American Engineered Products, including fasteners increased 13.6% during the first quarter of 2006, including base revenue growth of 6.6%. Segment operating income grew 22.5%, boosted by base income growth and contributions from acquisitions.
International Engineered Products, including fasteners, saw revenue decline 3.2%, despite “modest base revenue growth.” Revenue was impacted by currency translation. Segment operating income dropped 10.2%.
Overall revenue grew 8% to $3.29 billion, including base revenue growth of 6.1%. Q1 net income increased 17% to $366.5 million.
“Looking ahead, the company believes that North American end markets will be relatively strong for both the second quarter and remainder of the year,” ITW stated. Web: itw.com �2006 FastenerNews.com
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