ITW sales decline 2 percent
Illinois Tool Works reported that total first quarter revenue was $3.3 billion, a decline of 2 percent due to the impact of foreign currency.
Organic revenue grew 1 percent as North America grew 2 percent and International declined 1 percent.
First quarter diluted earnings per share of $1.29 increased 7 percent compared to $1.21 in the year-ago period.
Five of seven segments achieved positive organic revenue growth as Construction Products grew 5 percent, Automotive OEM, Food Equipment, and Specialty Products all grew 3 percent, and Polymers and Fluids 1 percent. Welding and Test & Measurement Electronics declined by 9 and 2 percent, respectively.