Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, reported sales for 2014 of $14.5 billion, up 2.5 percent from 2013. Profit increased 75.5 percent to $2.9 billion.
For the fourth quarter, sales were $3.5 billion, down 1.4 percent from the same period a year ago. Profit was $450 million, up 10.3 percent from $408 million a year ago.
Organic revenues increased 2.3 percent in the quarter, with international growing 2 percent and North America growing 3 percent. Internationally, European organic revenues grew 1 percent and Asia Pacific grew 2 percent.
Automotive OEM grew organic revenues 7 percent in the fourth quarter. Operating margins improved 190 basis points to 22.3 percent.
Food equipment's organic revenues increased 5 percent due to growth in equipment and service worldwide. Operating margins of 21.7 percent increased 220 basis points. And welding's organic revenues grew 4 percent, with North America increasing 10 percent due to strength in equipment sales to industrial and commercial customers. Operating margins of 25.4 percent increased 230 basis points.
