GLENVIEW, Ill., Aug. 15 /PRNewswire-FirstCall/ — Illinois Tool Works Inc.
(NYSE: ITW) today reported an operating revenue increase of 11.4 percent for
the three months ended July 31, 2008. The double-digit increase in revenue
growth for the three months was due to contributions from translation,
acquisitions and base revenues.
On a segment basis, the Company’s three month moving average percentage
change for operating revenues, comprised of base revenues,
acquisitions/divestitures and currency translation, is provided below.
(% change for 3 months ended July 31, 2008 versus prior year period)
*Industrial Packaging: +16.7 %
*Power Systems and Electronics: +17.0 %
*Transportation: + 8.5 %
*Construction Products: + 7.4 %
*Food Equipment: +13.3 %
*Polymers and Fluids: +29.8 %
*Decorative Surfaces: + 4.5 %
*All Other: + 5.0 %
Looking ahead, the Company is forecasting a third quarter 2008 diluted
income per share from continuing operations of $0.93 to $0.99. The 2008 third
quarter forecast assumes a total company revenue growth range of 10 percent to
14 percent. The Company is forecasting full-year 2008 diluted income per
share from continuing operations range of $3.40 to $3.52. The full-year
forecast assumes a total company revenue growth range of 9 percent to
12 percent. The full-year forecast also reflects a 22 cent after-tax charge
to earnings taken in the first quarter due to impairment and European tax
charges.
On August 11, 2008, the Company announced a plan to divest its Decorative
Surfaces and Click Commerce businesses. These units, totaling approximately
$1.3 billion in annual revenues, will be reclassified as part of discontinued
operations by the end of the 2008 third quarter. Accordingly, at that point
in time the Company will revise its forecasts for income per share from
continuing operations for the 2008 third quarter and full year.
The statements regarding the Company’s 2008 third quarter and full-year
forecasts are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are subject to
certain risks, uncertainties and other factors, which could cause actual
results to differ materially from those anticipated. Important factors that
could cause actual results to differ materially from the Company’s
expectations are set forth in ITW’s Form 10-Q for the 2008 second quarter.
With $16.2 billion in revenues, ITW is a diversified and value-added
manufacturer of highly engineered components and industrial systems and
consumables. The Company consists of approximately 825 business units in
52 countries and employs some 60,000 people.
SOURCE Illinois Tool Works Inc.