Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, reported sales for the fourth quarter were $4.3 billion, 10.4 percent higher than the year-ago period. Profit grew 31.7 percent to $442.2 million.
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Organic revenues grew 5.9 percent, with North American organic revenues increasing 8.7 percent and international organic revenues growing 3 percent. European organic revenues grew 2.6 percent while China organic revenues increased 9.8 percent.
For the full year 2011, sales were $17.8 billion, up 15.6 percent over sales in 2010. Profit improved 40 percent to $2.1 billion.
Power Systems and Electronics fourth-quarter segment sales increased 16 percent. Segment organic revenues grew 10.2 percent mainly due to contributions from the worldwide welding equipment and consumables businesses. The worldwide welding businesses’ organic revenues increased 22.8 percent, with North American welding growing organic revenues 25.2 percent. Organic revenues for international welding increased 16.4 percent, with China and Europe contributing to growth.
Organic revenues for the electronics businesses declined 7.7 percent. Both the PC board fabrication and other electronics businesses were hampered by slowing consumer demand and customer inventory corrections in the quarter.
Total fourth-quarter revenues for the Transportation segment increased 20.9 percent. Segment organic revenues grew 8.7 percent in part due to ongoing strength in automotive OEM car builds and related product penetration. The Company’s worldwide automotive OEM organic revenues increased 7.9 percent compared to a fourth quarter worldwide car build growth rate of 1 percent. North American and European automotive organic revenues increased 8.0 percent and 7.7 percent, respectively.
The company’s automotive aftermarket and truck remanufacturing businesses also contributed to revenue growth, with organic revenues growing 5.6 percent and 19.5 percent, respectively.
