ITASCA, IL -- Illinois Tool Works, the parent company of several leading electronics equipment and materials suppliers, reported fourth-quarter revenues fell 6% and operating income dropped 33% from last year.

For the quarter, margins fell 450 basis points to of 11.3% and operating cash flow was $509 million.

ITW's power systems and electronics segment revenues fell 9.6% and operating income fell 27.7%. Base revenues -- sales from continuing operations -- were down 10.8%, primarily on a 9% drop in the company's welding businesses. Operating margins were 15.4%, down 380 basis points from the prior year period with base margins declining 220 basis points and acquisitions diluting margins 130 basis points.

For the year, revenues increased 6.7% on acquisitions and favorable currency translations. Operating income was down 4.5% and margins were down 180 basis points to 14.7%. Free operating cash flow was $1.9 billion, or 123% of net income.

ITW is parent company to Speedline Technologies, Vitronics-Soltec, Chemtronics, Kester Solder and other electronics assembly suppliers.