Illinois Tool Works Inc. on Tuesday reported fourth-quarter income from continuing operations of $461 million, compared to $407 million in Q4 2013.
Operating revenue decreased to $3.50 billion from $3.55 billion last year.
For the 2014 year, ITW had sales of $14.14 billion, a 2.5 percent increase from 2013. Profit soared 75 percent to $2.95 billion.
ITW expects organic revenue growth for the year to be 2.5 to 3.5 percent. Total revenue for the year is projected to decline 1 to 2 percent due to the impact of foreign currency translation.
ITW has looked to shed its slower-growing assets recently, including its $3.2 billion sale of its industrial packaging business last year. Selling, administrative and research and development expenses declined 6.5 percent.
For the first quarter 2015, the company expects 2 to 3 percent organic revenue growth and total revenue to decline 2 to 3 percent due to the impact of currency translation.