Illinois Tool 1Q profit rises 10 percent |
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Wed, 18 Apr 2007 14:37
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GLENVIEW, Ill. (AP) - Illinois Tool Works Inc. said Wednesday first-quarter earnings rose 10 percent, boosted by demand from abroad as the company's U.S. business contracted.Net income rose to $402.4 million, or 71 cents per share, versus $366.5 million, or 65 cents per share, a year ago.The result was in line with estimates on Wall Street, according to a Thomson Finanical poll of 17 analysts.Revenue rose 14 percent to $3.76 billion from $3.3 billion last year. International base revenue rose 9 percent, while U.S. base revenue fell 3.5 percent.'While a number of North American end markets continued to be challenging, our strong acquisition activity and expanding international presence were important contributors to our revenue and net income growth in the first quarter,' Chairman and Chief Executive David Speer said in a statement.ITW shares closed Tuesday at $53.56 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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