GLENVIEW, Ill. — Illinois Tool Works Inc. (ITW) has reported a total operating revenue increase of 17 percent for the three months ended July 31, compared to the year-ago period.
ITW said organic or base revenues contributed 6 percent to total revenue growth in the three month period. In addition, acquisitions and currency translation added 4 percent and 7 percent, respectively, to total revenues. A number of worldwide end-markets exhibited moderating growth as the three month period progressed, according to the company.
The company is forecasting 2011 third quarter diluted income per share from continuing operations to be in a range of 95 cents to $1.03. The midpoint of this earnings range represents 24 percent growth versus the third quarter of 2010. The third quarter forecast assumes a total revenue growth range of 15 percent to 18 percent. For the 2011 full year, the company is forecasting diluted income per share from continuing operations to be in a range of $4.05 to $4.21 and assumes a total revenue growth range of 16 percent to 18 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, the midpoint of the full-year earnings would be $3.80 and would represent a 32 percent increase compared to the year-ago period.
