Posted April 20, 2010
ITW's revenues up 14.6 percent
Illinois Tool Works Inc. reported 2010 first quarter diluted income per share of 58 cents, compared to a loss of 2 cents per share in the 2009 first quarter.
The company's first quarter revenues of $3.606 billion were 14.6 percent higher than the year-ago period. Notably, end markets associated with the automotive OEM, polymers and fluids, industrial packaging and the PC board fabrication businesses showed strength in the quarter. Base revenues grew 7.5 percent in the quarter, with North American base revenues increasing 7.1 percent and international base revenues growing 8.0 percent.
First quarter operating income of $483.9 million was $393 million higher than the year-ago period. Income from continuing operations totaled $294.3 million in the first quarter versus a loss of $8.0 million in the year-earlier period. First quarter operating margins of 13.4 percent were 1050 basis points higher than the year-ago period.
"Our strong first quarter financial performance highlights our business units' ability to achieve significant leverage on increased revenues thanks to lower overhead and manufacturing costs as a result of our restructuring programs," said chairman and CEO David B. Speer.
