GLENVIEW, IL -- Illinois Tool Works today reported fourth-quarter revenue at its Test & Measurement and Electronics business unit rose 1.2% year-over-year to $559 million. Operating margin rose 250 basis points to 15.7% for the period ended Dec. 31.

For the year, total revenue fell 5.3% to $2.18 billion. Organic sales were down 6%.

ITW is parent to Speedline Technologies, Vitronics, Kester and other leading electronics manufacturing suppliers.

Overall company revenue reached $3.55 billion, up 2% overall and 2.8% organically. Operating income totaled $628 million. International sales grew 3.3% and North American revenue was up 2.6%. Revenue in Europe grew 1.8% and Asia Pacific grew 4.1% on an organic basis.

"We were pleased with the company's performance in the quarter and for the year," said Scott Santi, president and chief executive officer. "In the quarter, we continued to deliver meaningful improvement in our earnings per share, operating margin, and return on invested capital metrics.  In addition, we saw modest improvement in the demand environment in a number of our key end markets which drove a noticeable sequential improvement in the Company's organic growth rate in the quarter."

ITW reiterated its full-year 2014 earnings forecast from December of revenue growth of 2 to 4% and organic growth of 2 to 3%. First quarter growth is expected to be 3 to 6%.

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