GLENVIEW, Ill. — In advance of its annual meeting today with investors and analysts in New York City, Illinois Tool Works (ITW) is lowering its 2008 fourth quarter forecast for diluted income per share from continuing operations.
The new fourth quarter diluted income per share from continuing operations range of 44 cents to 52 cents compares to a range of 74 cents to 82 cents previously issued on Oct. 16. This new forecast assumes a total company revenue decrease of 7 percent to 9 percent. In October, the fourth quarter forecasted revenue growth was in a range of + 6 percent to + 9 percent. For the full year, the company is now forecasting diluted income per share from continuing operations to be in a range of $2.94 to $3.02. This forecast assumes a total company revenue growth range of 6 percent to 7 percent.
The company said the latest forecast reflects significant further weakening in North American and international end markets, the negative impact from currency translation and higher than originally anticipated restructuring costs in the quarter.
