GLENVIEW, Ill., Sept. 21, 2011 /PRNewswire/ -- Illinois Tool Works Inc. (NYSE: ITW) today reported a total operating revenue increase of 16 percent for the three months ended August 31, 2011 compared to the year-ago period. Organic or base revenues contributed 6 percent to total revenue growth in the three month period. In addition, acquisitions and currency translation added 4 percent and 6 percent, respectively, to total revenues. Worldwide end markets exhibited generally stable growth trends for the three month period.
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 August 31, 2011 versus prior year period)
+ 24 %
+ 17 %
*Power Systems and Electronics:
+ 16 %
+ 7 %
+ 14 %
*Polymers and Fluids:
+ 32 %
+ 13 %
+ 11 %
The Company is forecasting 2011 third quarter diluted income per share from continuing operations to be in a range of $0.95 to $1.03. The third quarter forecast assumes a total revenue growth range of 15 percent to 18 percent. For the 2011 full year, the Company is forecasting diluted income per share from continuing operations to be in a range of $4.05 to $4.21 and assumes a total revenue growth range of 16 percent to 18 percent. The full-year forecast includes the $0.33 per share one-time tax benefit recorded in the 2011 first quarter. Excluding the one-time tax gain, the midpoint of the full-year earnings would be $3.80 and would represent a 32 percent increase compared to the year-ago period.
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 $15.4 billion in 2010, with more than half of these revenues generated outside of the United States.
SOURCE Illinois Tool Works Inc.