Strong sales to carmakers drive Illinois Tool profit higher
Jan 28 (Reuters) - Illinois Tool Works Inc reported higher fourth-quarter profit on Tuesday, driven by strong sales of components to the global auto industry.
The Glenview, Illinois-based diversified manufacturer, which makes everything from vehicle components to food service equipment to arc welding tools, reported profit from continuing operations rose to $628 million, or 92 cents a share, from $512 million, or 65 cents a share, in the comparable period last year.
The results from continuing operations excluded income from its decorative surfaces business, which has been sold.
Revenue from continuing operations rose 4.8 percent.
Sales to automotive manufacturers jumped 11.2 percent during the quarter, the company said, outperforming worldwide auto builds by 5 percentage points.