15/6/10 – Illinois Tool Works reports increased earning for latest quarter
15 June 2010
Illinois Tool Works, ITQ, the diversified global manufacturer, has announced an operating revenue growth of 21 percent for the last three months ending 31st May compared to the same period in 2009. With $13.9 billion in 2009 revenues, ITW consists of approximately 800 business units in 57 countries and employs approximately 59,000 people.
The company says that 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 improvement in base revenue growth was due to increasing demand across a broad set of North American and international consumer and industrial end markets. For construction products the improvement was 24.7 % in the period compared to the same period in 2009.
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.