ITW’s Q2 Revenue Up 17.5% to $4.62B
GLENVIEW, IL – Illinois Tool Works today reported second-quarter 2011 revenues of $4.62 billion, up 17.5% versus the year-ago period.
Net income was $498.4 million, up 21% compared to the second quarter of 2010. Operating income was $711.1 million, up 14% year-over-year.
Acquisitions net of divestitures added 4.8% and currency translation contributed 6.3% to total revenues.
Revenues for the Power Systems and Electronics segment increased 18.8%. Organic revenues for the electronics businesses increased 4.1% largely as a result of the printed circuit board fabrication businesses.
“While our second-quarter performance reflected solid demand from a number of worldwide end markets, our 17.5% total revenue growth was slightly below our original expectations,” said David B. Speer, chairman and CEO. “Both our total revenue and organic revenue growth rates in the second quarter were approximately 100 basis points lower than forecasted in April. We also anticipate similar moderating demand levels in the second half of 2011. As a result, we have modestly adjusted our third quarter revenue assumptions, as well as our full-year earnings forecast.”
The company forecasts a third-quarter revenue growth range of 15% to 18%. For the full year, ITW assumes a total revenue growth range of 16% to 18%.
ITW is the parent firm of Speedline, Vitronics-Soltec and Kester.
