Management to Update Progress on Company's Five-Year Enterprise Strategy at Annual Investor and Analyst Meeting in New York City
- Company confirms 2013 EPS guidance range of $3.56 to $3.64
- Company forecasts 2014 EPS guidance range of $4.30 to $4.50; mid-point represents 22 percent growth
GLENVIEW, Ill., Dec. 6, 2013 /PRNewswire/ -- Illinois Tool Works Inc. (NYSE: ITW) today will detail progress on the Company's Enterprise Strategy at its annual investor/analyst meeting in New York City. During the meeting, the Company will confirm its 2013 full-year diluted earnings per share from continuing operations guidance range of $3.56 to $3.64 and introduce a 2014 diluted earnings per share (EPS) guidance range of $4.30 to $4.50. The Company is forecasting organic revenues to grow in a range of 2 percent to 3 percent in 2014.
Key management participants in the Investor Day will include President and Chief Executive Officer Scott Santi; Vice Chairman David Parry; and Chief Financial Officer Michael Larsen.
"At our Annual Investor and Analyst Meeting last year we outlined our 2012-2017 enterprise strategy that focuses the company on delivering solid growth with strong returns and best-in-class operating performance for our shareholders," said Mr. Santi. "We are pleased with the progress we have made in 2013, which is year one of our five-year plan. In addition, the Company is well positioned to continue to deliver strong performance in 2014 as reflected by our full-year guidance projecting earnings per share growth in a range of 19 percent to 25 percent versus 2013. The Company also is forecasting operating margins of approximately 19 percent for full-year 2014."
The Investor Day presentation will begin at 9:00 a.m. ET and will conclude at 12:00 p.m. ET. The Company's webcast, featuring a synchronized slide show of management presentations, can be accessed via its website at www.itw.com. Interested participants should then access the investor information tab. The webcast replay will be available through midnight on January 10, 2014.
The remarks made by ITW representatives at this meeting contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements regarding the expected impact and timing of strategic initiatives and related benefits, operating income and organic revenue growth, growth in operating margins and return on invested capital, the macro-economic environment, earnings per share, free operating cash flow, restructuring expenses and related benefits, exchange rates, the timing and impact of additional leverage, the timing and amount of share repurchases, and the Company's related forecasts. Forward-looking statements may be identified by the use of words such as "believe," "expect," "plans," "intends," "strategy," "prospects," "estimate," "project," "target," "anticipate," "guidance," and other similar words, and are subject to certain risks, uncertainties, and other factors which could cause actual results to differ materially from those anticipated. Important risks that could cause actual results to differ materially from the Company's expectations include those that are detailed in ITW's Form 10-K for 2012 and Form 10-Q for the third quarter of 2013.
ITW is a Fortune 200 global diversified industrial manufacturer of value added consumables and specialty equipment with related service businesses. The Company focuses on solid growth and strong returns across its worldwide platforms and businesses. These businesses serve local customers and markets around the globe, with a significant presence in developed as well as emerging markets. ITW's adjusted revenues totaled $13.9 billion in 2012, with approximately half of the revenues generated outside of the United States.
The Company will be using certain non-GAAP measures in talking about our performance. Refer to the appendix of the management presentation at the Company's website under the "Investor Relations" tab for additional information on these non-GAAP measures.
SOURCE Illinois Tool Works Inc.