GLENVIEW, Ill. — Illinois Tool Works (ITW) has reported an operating revenue increase of 11.4 percent for the three months ended July 31. The company said this double-digit increase in revenue growth for the three months was due to contributions from translation, acquisitions and base revenues.
Looking ahead, the company is forecasting a third quarter 2008 diluted income per share from continuing operations of 93 cents to 99 cents. 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 Aug. 11, 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.
For more information about ITW, go to: www.itw.com.