ITW's Electronics Unit Sales Up 17% in Q4
GLENVIEW, IL -- Illinois Tool Works' Power Systems and Electronics business unit reported revenues climbed 16.5% year-over-year in the February quarter.
Overall, the conglomerate reported operating revenue rose 11% to $4 billion for its fiscal 2010 fourth quarter ended Feb. 28. Of that total, base revenues made up 9 percentage points and acquisitions added three percentage points, partially offset by a one point drop due to currency translation. Net income was $335.7 million, bringing the year's total to $1.5 billion. The fiscal 2010 revenue was $15.9 billion, a company record.
In a statement, the firm said a "number" of worldwide end-markets show "strong demand levels," including electronics.
ITW is the parent company to leading printed circuit board assembly process equipment OEMs Speedline Technologies, Vitronics, and solder supplier Kester, among others.
The company forecast 2011 first quarter revenue growth of 12% to 15%, and full-year 2011 revenue growth of 11.5% to 14%.
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ILLINOIS TOOL WORKS INC. and SUBSIDIARIES |
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2010 PRO FORMA STATEMENT OF INCOME RESTATED FOR THE INTERNATIONAL REPORTING LAG |
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(UNAUDITED) |
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(In thousands except per share amounts) |
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1Q 2010 |
2Q 2010 |
3Q 2010 |
4Q 2010 |
YTD |
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Operating Revenues |
$ |
3,737,601 |
$ |
4,041,401 |
$ |
4,057,312 |
$ |
$4,012,083 |
$ |
15,848,397 |
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Cost of revenues |
2,389,204 |
2,578,900 |
2,615,518 |
2,664,119 |
10,247,741 |
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Selling, administrative, and R&D expenses |
753,922 |
766,481 |
748,687 |
799,542 |
3,068,632 |
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Amortization and impairment of |
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goodwill and other intangible assets |
52,934 |
53,303 |
53,523 |
54,240 |
214,000 |
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Operating Income |
541,541 |
642,717 |
639,584 |
494,182 |
2,318,024 |
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Interest expense |
(44,373) |
(43,316) |
(43,503) |
(44,131) |
(175,323) |
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Other income |
4,637 |
3,055 |
20,947 |
2,412 |
31,051 |
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Income from Continuing Operations |
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Before Income Taxes |
501,805 |
602,456 |
617,028 |
452,463 |
2,173,752 |
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Income taxes |
168,000 |
191,000 |
195,000 |
116,800 |
670,800 |
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Net Income |
$ |
333,805 |
$ |
411,456 |
$ |
422,028 |
$ |
335,663 |
$ |
1,502,952 |
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