Courtesy of Benzinga.
Illinois Tool Works Inc. (NYSE: ITW) today reported a total operating revenue increase of 14 percent for the three months ended October 31, 2011 compared to the year-ago period. Organic or base revenues contributed 7 percent to total revenue growth in the three month period. In addition, acquisitions and currency translation added 5 percent and 2 percent, respectively, to total revenues. Some Asia Pacific and European end markets saw demand moderate in the month of October.
Consistent with the Company’s forecasts on October 25, 2011, the Company expects no contribution from currency translation in the 2011 fourth quarter versus the year-ago period. Additionally, the Company anticipates modestly lower European organic revenues and increased restructuring costs in the fourth quarter of 2011. As a result, the Company is forecasting 2011 fourth quarter diluted income per share from continuing operations to be in a range of $0.86 to $0.94. The fourth quarter forecast assumes a total revenue growth range of 9.5 percent to 12.5 percent.
For the 2011 full-year, the Company is forecasting diluted income per share from continuing operations to be in the range of $4.04 to $4.12 and assumes a total revenue growth range of 15.1 percent to 15.9 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 in the 2011 first quarter, the midpoint of the full-year earnings range would be $3.75.
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