GLENVIEW, Ill. — Illinois Tool Works Inc. (ITW) has reported an operating revenue decrease of 21 percent for the three months ended Aug. 31. The revenue decline for the three months consisted of a 19 percent decrease in base revenues and a 7 percent decline in contributions from currency translation. Acquisitions contributed 5 percent to revenues in the three month period.
For the most recent three month period, base revenues modestly improved versus the prior three month period largely as a result of improvements in discrete end-markets such as automotive and construction.
Based on the ongoing contributions from restructuring activities and improvements in discrete end-markets, the company is raising its 2009 third quarter earnings forecast range. ITW is now forecasting third quarter 2009 diluted income per share from continuing operations to be in a range of 48 cents to 56 cents. The third quarter forecast assumes a total revenue range of +3 percent to +6 percent versus the 2009 second quarter.
