GLENVIEW, Ill., Feb. 15 /PRNewswire-FirstCall/ -- Illinois Tool Works Inc. today reported a corrected total company operating revenue increase of 5 percent for the three months ended January 31, 2010 versus the year-ago period. The ITW News Release published earlier today reported a 9 percent increase in total operating revenue for the three months ended January 31, 2010. Set forth below is the full text of the revised News Release, including corrections to percentage increases in total company operating revenues and currency translation as well as changes in certain segment results.
ITW today reported a total Company operating revenue increase of 5 percent for the three months ended January 31, 2010 versus the year-ago period. The growth in revenues consisted of acquisitions and currency translation contributing 1 percent and 6 percent, respectively. Base revenues declined 2 percent in the three-month period. The base revenue decrease of 2 percent in the most recent period improved versus the 2009 fourth quarter when base revenue fell 10 percent on a year-over-year basis. The sequential base revenue improvement was largely due to easier January comparisons and the substantial improvement in the North American automotive OEM end market.
On a segment basis, the Company's three month moving average percentage change for operating revenues, comprised of base revenues, acquisitions/divestitures and currency translation, is provided below.
(% change for 3 months ended January 31, 2010 versus prior year period) --------------------------------------------------------------------- *Transportation + 28.4 % *Industrial Packaging + 4.4 % *Food Equipment: - 4.5 % *Power Systems and Electronics - 5.0 % *Construction Products: + 14.1 % *Polymers and Fluids: + 7.9 % *Decorative Surfaces: - 3.7 % *All Other: + 0.4 %
The Company believes most end markets have stabilized and anticipates modest expansion in a variety of worldwide end markets in 2010. The Company is estimating first quarter 2010 diluted income per share from continuing operations to be in a range of $0.48 to $0.60. The 2010 first quarter forecast assumes a total revenue growth range of 14 percent to 18 percent. For full-year 2010, the Company is forecasting diluted income per share from continuing operations to be in a range of $2.43 to $2.93. The 2010 full-year forecast assumes a total revenue growth range of 10 percent to 14 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 income per share from continuing operations, 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 2008.
With $13.9 billion in 2009 revenues, ITW is a multinational manufacturer of a diversified range of value-adding and short lead-time industrial products and equipment. The Company consists of approximately 840 business units in 57 countries and employs approximately 59,000 people.
Illinois Tool Works Inc.
CONTACT: John Brooklier of Illinois Tool Works Inc., +1-847-657-4104 or
jbrooklier@itw.com
Web Site: http://www.itw.com/
