ITW Reports 2.4 Percent Growth in Operating Revenues for Three Months Ended November 30, 2008
GLENVIEW, Ill., December 15, 2008: Illinois Tool Works Inc. today reported an operating revenue increase of 2.4 percent for the three months ended November 30, 2008. Revenue growth for the three months was driven by contributions from acquisitions. Base revenues were negative for the three month period as North American and international end markets declined significantly in the month of November. Currency translation also had a negative impact for the three month period.
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.
As previously disclosed on December 8, 2008, the Company issued an updated forecast and reported significant further weakening in worldwide end markets, the negative impact from currency translation and higher than originally anticipated restructuring costs in the quarter. The Company is forecasting fourth quarter 2008 diluted income per share from continuing operations to be in a range of $0.44 to $0.52. The 2008 fourth quarter forecast assumes a total company revenue decrease of 7 percent to 9 percent. For the full year, the Company is forecasting diluted income per share from continuing operations to be in a range of $2.94 to $3.02. The full-year forecast assumes a total Company revenue growth range of 6 percent to 7 percent.