llinois Tool Works Inc., Glenview, IL, reported operating revenues of $4.15 billion for the third quarter ended Sept. 30, 2008, an increase of 11% over the same period the prior year. The double-digit growth was due to contributions from acquisitions and currency translation. Profit for the quarter was $435.5 million, a decrease of 7.7%. This includes losses incurred from discontinued operations including the Decorative Services segment and the Click Commerce business.
 
Operating revenues for the first nine months of 2008 were $12.19 billion, an increase of 11.2% over the prior year. Profit declined 8.1% to $1.29 billion.
 
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:
 
Power Systems and Electronics: +9.4%
Polymers and Fluids: +46.9%
Construction products: +1.7%
Transportation: +8.9%
 
While our financial results in the third quarter were clearly impacted by slowing end markets, our decentralized businesses continue to assess local market conditions and implement aggressive cost-cutting initiatives where appropriate,” CEO David B. Speer said. “We also continue to utilize our strong free operating cash flow to fund acquisitions and buy back shares. In the third quarter, we acquired 14 companies representing $847 million of annualized revenues. Through Sept. 30, 2008, we have acquired 40 companies representing $1.4 billion of annualized revenues.”
 
With $14.9 billion in revenues, ITW is a diversified and value-added manufacturer of industrial products and equipment. The company consists of 825 business units in 52 countries and employs some 60,000 people.