ITW Reports Third Quarter Revenue Increased 11 Percent
Illinois Tool Works (ITW) has reported 8 percent growth in diluted net income per share for the third quarter of 2006. Diluted net income per share was 78 cents compared to 72 cents in the third quarter of 2005. In addition, the company’s third quarter revenue increased 11 percent, operating income grew 11 percent and net income rose 9 percent. The company said the increase in third quarter earnings resulted from improving international end markets combined with moderating growth in North American end markets, including declines in the new housing sector and Big 3 automotive production levels.
ITW Reports 12 Percent Growth in Operating Revenues
Illinois Tool Works Inc. (ITW) has reported an operating revenue increase of 12 percent for the three months ended Aug. 31. Operating revenues for the three month period consisted of 5 percent growth from base revenues and a 7 percent increase from acquisitions.
ITW Reports 10 Percent Growth in Operating Revenues
Illinois Tool Works Inc. (ITW) has reported an operating revenue increase of 10 percent for the three months ended July 31. Operating revenues for the three month period consisted of 4 percent growth from base revenues and a 7 percent increase from acquisitions. Intercompany revenues lowered revenues 1 percent in the period. Base revenue growth benefited from both North American and international end market demand, according to ITW.
ITW Board of Directors Authorizes Share Repurchase Program; Raises Dividend 27 Percent
Illinois Tool Works Inc. (ITW) announced that its board of directors approved a share repurchase program which authorizes management to buy back up to 35 million shares over an open-ended period of time. It also announced a new dividend guideline which resulted in a 27 percent increase in the dividend rate.
ITW Reports 27 Percent Growth in Diluted Net Income Per Share for Second Quarter
Illinois Tool Works Inc. (ITW) today reported 27 percent growth in diluted net income per share in the 2006 second quarter. Diluted net income per share was 81 cents compared to 64 cents in the 2005 second quarter. In addition, the company’s second quarter revenues increased 9 percent, operating income grew 18 percent and net income rose 25 percent. These per share amounts reflect ITW’s two-for-one stock split which was effective in May.
ITW Reports 8 Percent Growth in Operating Revenues
Illinois Tool Works Inc. (ITW) has reported an operating revenue increase of 8 percent for the three months ending May 31. Operating revenues for the three month period consisted of 5 percent growth from base revenues and a 7 percent increase from acquisitions. Other items, which primarily include currency translation lowered revenues 4 percent in the period. Base revenue growth continued to benefit from strong demand from North America end markets, especially those served by the company’s specialty systems business units.
ITW to Acquire DOT Label, Inc.
Illinois Tool Works Inc. (ITW) has signed an agreement to acquire substantially all of the assets of DOT Label, Inc., a provider of custom, high quality labels for the consumer goods markets. Terms of the pending transaction which is expected to close on June 1, were not disclosed. Based in Gardner, Kansas, DOT Label, Inc., which was founded in 1960, has a second label converting facility in Cincinnati, OH. DOT Label, Inc. will become part of ITW’s Diagraph Label Group which is based in St. Charles, MO.
ITW Reports 7 Percent Growth in Operating Revenues
Illinois Tool Works (ITW) reported an operating revenue increase of 7 percent for the three months ending April 30. Operating revenues for the quarter consisted of 5 percent growth from base revenues and a 5 percent increase from acquisitions. Currency translation and intercompany sales lowered revenues 3 percent in the period. The company’s base revenue growth continued to benefit from strong demand from North America end markets.
Share Increase Approved for ITW Two-for-One Stock Split
Illinois Tool Works shareholders today approved an increase in the number of authorized common shares from 350 million to 700 million, in order for the company to effect a two-for-one stock split. The record date for the split will be May 18, with distribution of split shares to follow on or about May 25. The company last split its stock in 1997, when the board approved a similar two-for-one share split.
ITW Board of Directors Elects Speer Chairman and Hansen Vice Chair of ITW Board of Directors
The Illinois Tool Works (ITW) board of directors has elected two longtime executives to the top positions at the company. David Speer was named chairman and Thomas Hansen was named vice chairman.