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ITW Reports 2011 Record Full-Year Revenues and Operating Earnings

In the fourth quarter, ITW’s organic or base revenues grew 5.9 percent, with North American organic revenues increasing 8.7 percent and international organic revenues growing 3 percent.

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GLENVIEW, Ill. — Illinois Tool Works Inc. (ITW) has reported fourth quarter 2011 diluted income from continuing operations of 90 cents per share, a 36 percent increase compared to the 2010 fourth quarter. Total revenues of $4.3 billion in the 2011 fourth quarter were 10.4 percent higher than the year-ago period.
 
Fourth quarter 2011 financial highlights versus the prior-year period included:
 
In the fourth quarter, ITW’s organic or base revenues grew 5.9 percent, with North American organic revenues increasing 8.7 percent and international organic revenues growing 3 percent. Notably, European organic revenues grew 2.6 percent while China organic revenues increased 9.8 percent.
    
The company said acquisitions net of divestitures added 4.7 percent to revenues while currency translation negatively impacted revenues by 0.4 percent.
    
The company reported fourth quarter operating income of $647.1 million and income from continuing operations of $437.1 million, an increase of 34 percent and 33 percent, respectively.
 
"Our fourth quarter financial performance was a solid effort by the ITW team," said Chairman and CEO David Speer. "We produced strong top line growth, solid margin improvement and impressive free operating cash flow. The fourth quarter capped off very strong full-year performance, with 2011 revenues growing 15.4 percent and organic revenues increasing 7.5 percent.  This helped us achieve record 2011 full-year revenues as well as record operating earnings. We also delivered 15.4 percent operating margins that were 80 basis points higher than 2010."
 
Looking ahead to 2012, the company is forecasting 2012 full-year diluted income per share from continuing operations to be in a range of $4.02 to $4.26 and assumes a total revenue growth range of 5 percent to 8 percent.
 
For the 2012 first quarter, the company is forecasting diluted income per share from continuing operations to be in a range of 89 cents to 97 cents and assumes a total revenue growth range of 6 percent to 9 percent.
 

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