GLENVIEW, IL — Illinois Tool Works Inc. (ITW) announced it will report five businesses that were divested in 2007 and 2006, or held for sale at the end of 2007, as discontinued operations. As a result, the operating results for these construction, consumer packaging and automotive machinery and components businesses will be reclassified as discontinued operations for both the fourth quarter and full-year 2007, and related prior periods.
The reclassification for discontinued operations has no impact on the company’s current forecasted net income per share or income from continuing operations per share for the fourth quarter of 2007. The company is forecasting net income for the fourth quarter of 2007 to be 82 to 86 cents per diluted share. Full year 2007 net income is forecast at $3.32 to $3.36 per diluted share.
The company said that over the past 12 months the larger completed divestitures as well as pending divestitures have collectively reached a more significant level which resulted in these businesses now being reported as discontinued operations.