GLENVIEW, Ill. -- Illinois Tool Works Inc. reported first quarter 2011 diluted net income per share of $1.24, an 88 percent increase compared to the 2010 first quarter.
Excluding a one-time tax benefit of $0.33 associated with the settlement of an Australian tax case in the 2011 first quarter, earnings of $0.91 per share would have been 30 percent higher than the year-ago adjusted period. As previously announced, the Company eliminated the one month lag for the reporting of its international operations effective January 1, 2011. All 2011 and 2010 results as well as 2011 forecasts reflect this change.
First quarter 2011 financial highlights versus the prior year period included:
-- Total revenues of $4.388 billion increased 17.4 percent.-- Organic or base revenues grew 11.7 percent, with North American organic revenues increasing 12.2 percent and international organic revenues growing 11.0 percent.
-- Acquisitions net of divestitures added 4.2 percent and currency translation contributed 1.6 percent to total revenues.
-- Operating income of $682.6 million increased 26.0 percent and net income of $623.1 million grew 86.7 percent.
"We were extremely pleased with our strong financial performance in the 2011 first quarter," said David B. Speer, chairman and chief executive officer. "Our total revenue increase of 17 percent was driven by double-digit organic growth, underlying both the strength in many of our worldwide end markets and our ongoing market penetration gains. We believe that most of our end markets will remain relatively strong throughout the remainder of 2011."
