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ITW Reports Total Operating Revenue Growth of 10 Percent for Three Months Ended Nov. 30

Company says organic revenues increase 4 percent in the three-month period.

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GLENVIEW, Ill. – Illinois Tool Works Inc. (ITW) has reported a total operating revenue increase of 10 percent for the three months ended Nov. 30, 2011, compared to the year-ago period. Organic or base revenues contributed 4 percent to total revenue growth in the three-month period.  In addition, the company says acquisitions added 6 percent to total revenues.  
 
Currency translation was flat in the three-month period. In November, the company said it continued to see generally stable demand in a number of worldwide end-markets and geographies. Europe, however, continued to be challenging.
 
Consistent with the company’s initial forecast on Oct. 25, 2011, ITW expects no contribution from currency translation in the 2011 fourth quarter versus the year-ago period.  As a result, the company is forecasting 2011 fourth quarter diluted income per share from continuing operations to be in a range of 86 cents to 94 cents.  The fourth quarter forecast assumes a total revenue growth range of 9.5 percent to 12.5 percent.  
 
For the 2011 full-year, the company is forecasting diluted income per share from continuing operations to be in the range of $4.04 to $4.12 and assumes a total revenue growth range of 15.1 percent to 15.9 percent.  The full-year forecast includes the 33 cents per share one-time tax benefit recorded in the 2011 first quarter. Excluding the one-time tax gain in the 2011 first quarter, the midpoint of the full-year earnings range would be $3.75.
 
 

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