Business News
ITW Reports 15.8 Percent Growth in Operating Revenues for Three Months Ended January 31, 2008
Monday 18. February 2008 - Illinois Tool Works Inc. (NYSE:ITW) today reported an operating revenue increase of 15.8 percent for the three months ended January 31, 2008. Growth in revenues was primarily due to contributions from acquisitions and translation. Total revenues were in line with Company expectations.
On a segment basis, the Company’s three month moving average percentage change for operating revenues, comprised of base revenues, acquisitions and currency translation, is provided below.
(% change for 3 months ended January 31, 2008 versus prior year period)
*Industrial Packaging: +10.2%
*Power Systems and Electronics: + 8.5%
*Transportation: +13.8%
*Construction Products: + 5.8%
*Food Equipment: +42.8%
*Polymers and Fluids: +37.9%
*Decorative Surfaces: +24.3%
*All Other + 9.4%
The Company is forecasting a full-year 2008 diluted income per share from continuing operations range of $3.47 to $3.61. The full-year forecast assumes a total company revenue growth range of 6 percent to 10 percent. For the 2008 first quarter, the Company is forecasting income per share from continuing operations of $0.72 to $0.78. The 2008 first quarter forecast assumes a total company revenue growth range of 8 percent to 11 percent. The mid-points of the full-year and first quarter ranges would represent earnings growth of 8 percent and 10 percent, respectively.
The statements regarding the Company’s 2008 first quarter and full-year forecasts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to certain risks, uncertainties and other factors, which could cause actual results to differ materially from those anticipated. Important factors that could cause actual results to differ materially from the Company’s expectations are set forth in ITW’s Form 10-Q for the 2007 third quarter.
With $16.2 billion in revenues, ITW is a diversified and value-added manufacturer of highly engineered components and industrial systems and consumables. The Company consists of approximately 825 business units in 52 countries and employs some 60,000 people.