GLENVIEW, Ill., June 15 /PRNewswire-FirstCall/ -- Illinois Tool Works Inc. (NYSE: ITW) today reported a total Company operating revenue increase of 21 percent for the three months ended May 31, 2010 versus the year-ago period. Base revenues contributed 15 percent to revenue growth in the three month period. In addition, acquisitions and currency translation added 2 percent and 4 percent to revenue growth, respectively. The ongoing improvement in base revenue growth was due to increasing demand across a broad set of North American and international consumer and industrial end markets.
On a segment basis, the Company's three month moving average percentage change for operating revenues, comprised of base revenues, acquisitions and currency translation, is provided below.
(% change for 3 months ended May 31, 2010 versus prior year period)
*Power Systems and Electronics:
+ 24.0 %
+ 24.7 %
*Polymers and Fluids:
+ 25.9 %
+ 5.3 %
+ 20.9 %
After two months of operating results, the Company is now forecasting second quarter 2010 diluted income per share from continuing operations to be in a range of $0.80 to $0.86. This range assumes a second quarter revenue growth forecast range of 18 percent to 20 percent. For full-year 2010, the Company continues to forecast diluted income per share from continuing operations to be in a range of $2.72 to $3.08 and assumes a total revenue growth range of 10 percent to 14 percent. The full-year range remains intact even with a forecasted currency translation adjustment of between 6 and 7 cents of earnings for the second half of the year due to the declining Euro. This translation impact assumes an average Euro currency rate of 1.20 in the second half of 2010.
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, Euro currency rate, 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 2009.
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 800 business units in 57 countries and employs approximately 59,000 people.
SOURCE Illinois Tool Works Inc.