GLENVIEW, Ill. — Illinois Tool Works Inc. (ITW) has reported a total operating revenue increase of 18 percent for the three months ended May 31, compared to the year-ago period.
Organic or base revenues contributed 8 percent to total revenue growth in the three month period. In addition, acquisitions and currency translation added 5 percent and 5 percent, respectively, to total revenues. ITW added that a number of worldwide end-markets continued to show solid demand levels for the three month period, especially end-markets associated with the company’s welding, industrial packaging, automotive OEM and test and measurement businesses.
ITW is forecasting full-year 2011 diluted net income per share to be in a range of $4.16 to $4.34. The full-year forecast includes the 33 cents per share one-time tax benefit recorded in the 2011 first quarter. It also includes full-year operating results from the finishing group that is expected to be sold to Graco Inc. sometime in the second half of 2011.
The 2011 full-year forecast assumes a total revenue growth range of 16 percent to 18 percent. For the 2011 second quarter, the company is forecasting diluted net income per share to be in a range of 99 cents to $1.05. The 2011 second quarter forecast assumes a total revenue growth range of 17 percent to 20 percent.
