ITW Reports Total Operating Revenue Growth of 10 Percent for Three Months Ended November 30, 2011; Organic Revenues Increase 4 Percent in the Three Month Period
GLENVIEW, Ill., Dec. 19, 2011 /PRNewswire/ -- Illinois Tool Works Inc. (NYSE:ITW) today reported a total operating revenue increase of 10 percent for the three months ended November 30, 2011 compared to the year-ago period. Organic or base revenues contributed 4 percent to total revenue growth in the three month period. In addition, acquisitions added 6 percent to total revenues. Currency translation was flat in the three month period. In November, the Company continued to see generally stable demand in a number of worldwide end markets and geographies. Europe, however, continued to be challenging.
On a segment basis, the Company's change in three-month moving average percentage for operating revenues, comprised of organic revenues, acquisitions and currency translation, is provided below.
(% change for 3 months ended November 30, 2011 versus prior year period)
*Transportation: |
+ |
22 % |
*Industrial Packaging: |
+ |
3 % |
*Power Systems and Electronics: |
+ |
18 % |
*Food Equipment: |
- |
1 % |
*Construction Products: |
+ |
5 % |
*Polymers and Fluids: |
+ |
15 % |
*Decorative Surfaces: |
+ |
4 % |
*All Other: |
+ |
5 % |
Consistent with the Company's initial forecast on October 25, 2011, the Company expects no contribution from currency translation in the 2011 fourth quarter versus the year-ago period. As a result, the Company is forecasting 2011 fourth quarter diluted income per share from continuing operations to be in a range of $0.86 to $0.94. The fourth quarter forecast assumes a total revenue growth range of 9.5 percent to 12.5 percent. For the 2011 full-year, the Company is forecasting diluted income per share from continuing operations to be in the range of $4.04 to $4.12 and assumes a total revenue growth range of 15.1 percent to 15.9 percent. The full-year forecast includes the $0.33 per share one-time tax benefit recorded in the 2011 first quarter. Excluding the one-time tax gain in the 2011 first quarter, the midpoint of the full-year earnings range would be $3.75.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitations, statements regarding operating revenues, organic or base revenue growth, end markets, diluted income per share from continuing operations, currency exchange rates, restructuring costs, and the Company's related forecasts. These statements are subject to certain risks, uncertainties and other factors that 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-K for 2010.
With nearly 100 years of history, Illinois Tool Works Inc. (NYSE: ITW) is a Fortune 200 global diversified industrial manufacturer. The Company's value-added consumables, equipment and service businesses serve customers in developed as well as emerging markets around the globe. ITW's key business platforms, including welding, automotive OEM, industrial packaging, food equipment, construction, polymers and fluids, test and measurement, electronics, decorative surfaces and automotive aftermarket, employ more than 60,000 people worldwide. ITW's revenues totaled $15.4 billion in 2010, with more than half of these revenues generated outside of the United States.
SOURCE Illinois Tool Works Inc.
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