GLENVIEW, Ill. — Illinois Tool Works Inc. (ITW) has reported a total company operating revenue increase of 9 percent for the three months ended Jan. 31, 2010, versus the year-ago period. The company said this growth in revenues consisted of acquisitions and currency translation contributing 1 percent and 10 percent, respectively.
Base revenues declined 2 percent in the three month period. The base revenue decline of 2 percent in the most recent period improved versus the 2009 fourth quarter when base revenue declined 10 percent on a year-over-year basis. This improvement was largely due to easier January comparisons and the substantial improvement in the North American automotive OEM end-market.
The company said it believes most end-markets have stabilized and anticipates modest expansion in a variety of worldwide end-markets in 2010.
The company is estimating first quarter 2010 diluted income per share from continuing operations to be in a range of 48 cents to 60 cents. The 2010 first quarter forecast assumes a total revenue growth range of 14 percent to 18 percent.
For full-year 2010, the company is forecasting diluted income per share from continuing operations to be in a range of $2.43 to $2.93. The 2010 full-year forecast assumes a total revenue growth range of 10 percent to 14 percent.
