GLENVIEW, Ill. — Illinois Tool Works Inc. today reported a total operating revenue increase of 16 percent for the three months ended April 30, 2011 compared to the year-ago period. Organic or base revenues contributed 8 percent to total revenue growth in the three month period. In addition, acquisitions and currency translation added 5 percent and 3 percent, respectively, to total revenues. A number of worldwide end markets continued to show strong demand levels for the three month period, especially end markets associated with the Company’s welding, electronics, test and measurement, industrial packaging and automotive OEM businesses.
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 April 30, 2011 versus prior year period)
The Company is forecasting full-year 2011 diluted net income per share to be in a range of $4.16 to $4.34. The full-year forecast includes the $0.33 per share one-time tax benefit recorded in the 2011 first quarter. It also includes full-year operating results from the finishing group that is expected to be sold to Graco Inc. no sooner than June of 2011. The 2011 full-year forecast assumes a total revenue growth range of 16 percent to 18 percent. For the 2011 second quarter, the Company is forecasting diluted net income per share to be in a range of $0.99 to $1.05. The 2011 second quarter forecast assumes a total revenue growth range of 17 percent to 20 percent.
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, end markets, diluted net income per share, 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 $15.9 billion in 2010, with more than half of these revenues generated outside of the United States.