ITW Reports 15 Percent Decrease in Operating Revenues - aftermarketNews

ITW Reports 15 Percent Decrease in Operating Revenues

Looking ahead, ITW is forecasting continuing and broad-based weakness in worldwide end markets throughout 2009.

GLENVIEW, Ill. — Illinois Tool Works Inc. (ITW) has reported an operating revenue decrease of 15 percent for the three months ended Jan. 31. The revenue decline for the three months was due to a 16 percent decrease in base revenues and a 6 percent fall off in contributions from currency translation.

The company said acquisitions contributed 7 percent to revenues in the period. The double-digit decrease in base revenues was primarily due to increasingly more negative macro and end market trends in North America, Europe and Asia as the three-month period progressed.

Looking ahead, ITW is forecasting continuing and broad-based weakness in worldwide end markets throughout 2009. Accordingly, the company is forecasting first quarter 2009 diluted income per share from continuing operations to be in a range 26 cents to 42 cents. The 2009 first quarter forecast assumes a total company revenue range of – 17 percent to – 11 percent. For the full year, the company is forecasting diluted income per share from continuing operations to be in a range of $1.84 to $2.48. The full year forecast assumes a total company revenue range of -12 percent to -6 percent. If the company meets the midpoints of the first quarter and full-year forecasts, diluted income per share from continuing operations would decrease 51 percent and 29 percent, respectively.

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