GLENVIEW, IL -- Illinois Tool Works today reported fourth-quarter revenues for its Power Systems and Electronics segment increased 16%, despite an aggregate 7.7% drop in revenues for its electronics businesses.

The company said its printed circuit board and other electronics businesses were hampered by slowing consumer demand and customer inventory corrections in the quarter. Still, total segment operating margins of 19.5% were 190 basis points higher than the year-ago period. The unit includes Speedline Technologies, Vitronics-Soltec, Kester and other leading brands.

For the period ended Dec. 31, revenues rose 10.4% to $4.32 billion. Base revenues grew 5.9%, led by North America, which was up 8.7% while European revenues grew 2.6% and China revenues increased 9.8%. Acquisitions net of divestitures boosted revenues 4.7%. Fourth quarter operating income was $647.1 million and income from continuing operations was $437.1 million, up 34% and 33%, respectively. Operating margins rose 270 basis points to 15%.

For the year, revenues hit a company record $17.8 billion., up 15.4% year-over-year.

• Prev
• Next