Industry News

ITW reports strong Q3 automotive growth 24 November 2016

ITW has reported its AutomotiveOEM segment revenue, which includes fasteners, has grown 25%to US$765 million (€696 million) inthe third quarter of 2016, including 6.6% organic growth.

Automotive OEM segment revenue for the first nine months grew 9.2% to US$2.09 billion (€1.9 billion), including organic growth at 4.4%. Operating income for the first three quarters was US$512 million, with operating margin at 24.5%.
ITW completed the acquisition of the Engineered Fasteners & Components (EF&C) business from ZF TRWat the beginning of July 2016 for an approximate purchase price of US$450 million. EF&C had operating revenue of US$117 million for the three months to30th September 2016.
Third quarter Construction Products revenue, which also includes fasteners, rose 1.6% toUS$415 million. Operating income was US$94 million (operating margin 22.6%). Nine month Construction Products revenue grew 1.2% to US$1.22 billion. Operating income was US$278 million (operating margin 22.7%).
Third quarter overall group revenue increased 4% to US$3.5 billion. Operating income grew 6% to a record US$808 million.
Report courtesy of GlobalFastenerNews.com

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