Hobart’s parent company reports higher earnings, revenue

Business
Oct 19, 2010
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Illinois Tool Works, which owns the Hobart food equipment business in Troy, reported improved net earnings for the third quarter of 2010, $419.3 million, or 83 cents per diluted share, a 38 percent increase over the $302.4 million, or 60 cents per diluted share reported in the third quarter last year.

For the nine months that ended Sept. 30, ITW reported $1.13 billion in net income, or $2.25 per diluted share, compared to $439.6 million, or 95 cents per diluted share, for the same period in 2009.

The growth in earnings was “largely driven by strong organic revenue performance and ongoing contributions from restructuring activities,” ITW said.

Third quarter revenues of $4.018 billion were 12.2 percent higher than the year-earlier period, the company said.

ITW/Hobart Corp. employs about 400 people in Troy.

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