GLENVIEW, Ill. (AP) -- Illinois Tool Works reported second-quarter revenue dropped 26% year-over-year to $3.39 billion, and earnings fell 67% to $176.6 million.

Sales slightly topped the analysts consensus of $3.36 billion.

The company, parent to Speedline Technologies, Kester Solder, Vitronics-Soltec and several other firms, said sales at its power systems and electronics business unit fell 39%.

Operating margins were 9.9%, down 6.7% from a year ago but up sequentially.

ITW guided for third-quarter revenue of $3.33 billion to $3.53 billion. Chairman and CEO David Speer said the company's markets have stabilized, but remain weak globally.

 

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