GLENVIEW, Ill. — Illinois Tool Works Inc. (ITW) has reported a total operating revenue increase of 11 percent for the three months ended Feb. 28, compared to the year-ago period. Organic or base revenues contributed 9 percent to total revenue growth in the three month period. In addition, acquisitions added 3 percent to top line growth while currency translation was 1 percent negative. The three month results reflect the company’s elimination of the one month lag for international reporting. A number of worldwide end-markets continued to show strong demand levels for the three month period, especially those end-markets associated with the company’s welding, electronics, test and measurement, industrial packaging and automotive OEM businesses.

Based on the elimination of the one month lag for international results and the resulting calendar year reporting format, ITW is forecasting 2011 first quarter diluted income per share from continuing operations to be in a range of $1.14 to $1.20. This first quarter range includes a favorable discrete tax adjustment of $166 million, or 33 cents of diluted income per share, associated with a February 2011 Australian tax court decision.

The 2011 first quarter forecast assumes a total revenue growth range of 12 percent to 15 percent. For full-year 2011, ITW is forecasting diluted income per share from continuing operations to be in a range of $3.93 to $4.17. The 2011 full-year forecast assumes a total revenue growth range of 11.5 percent to 14.5 percent. As part of the change to the calendar year reporting format, the company is restating its 2010 financial results. As a result, 2010 pro forma full-year diluted income per share from continuing operations of $2.99 was 4 cents lower than previously reported. The adjustment to 2010 full-year earnings was principally related to fourth quarter international results that were negatively impacted by adverse weather, increased price/cost pressures and one less sales day versus the 2009 fourth quarter.