Fastener products sales grew for ITW in 2023, although results were mixed as the U.S. housing market struggled.

ITW reported Automotive OEM sales, including fasteners, rose 9.4% to $814 million in the final quarter of 2023, driven by 7.7% organic growth. Segment operating income totaled $143 million, while operating margin increased 50 bps to 17.6%.

Full-year Automotive OEM sales grew 9% to $3.2 billion, driven by organic growth of 8.8%. Segment operating income totaled $561 million, with operating margin up 50 bps to 17.3%.

Meanwhile, Construction Products segment sales fell 2.3% to $459 million in the final quarter. Segment operating income totaled $124 million, while margins improved 140 bps to 26.9%.

Full-year Construction Products revenue declined 3.8% to $2 billion, with operating income totaling $578 million and margins gaining 250 bps to 28.4%.

Total ITW revenue increased 1% to $16.1 billion in 2023, with operating income up 7% to $4 billion and margins improving 130 bps to a record 25.1%.

Geographically, organic growth was flat in North America, up 4% in Europe, and up 7% in Asia Pacific. Web: itw.com