Illinois Tool Works Inc., Glenview, Ill, reported an operating revenue decrease of 21% for the three months ended Aug. 31, 2009. The revenue decline for the three months consisted of a 19% decrease in base revenues and a 7% decline in contributions from currency translation. Acquisitions contributed 5% to revenues in the three month period. For the most recent three month period, base revenues modestly improved versus the prior three month period largely as a result of improvements in discrete end markets such as automotive and construction.
On a segment basis, ITW’s three month moving average percentage change for operating revenues, comprised of base revenues, acquisitions/divestitures and currency translation, is provided below (percent change for 3 months ended August 31, 2009 versus prior year period).
- Industrial Packaging:-31.6%
- Power Systems and Electronics:-36.9%
- Transportation:- 9.2%
- Food Equipment:-12.4%
- Construction Products:-27.0%
- Polymers and Fluids:-10.3%
- Decorative Surfaces:-19.2%
- All Other:-16.2%
Based on the ongoing contributions from restructuring activities and improvements in discrete end markets, ITW is raising its 2009 third quarter earnings forecast range to the range of $0.48 to $0.56. The third quarter forecast assumes a total revenue range of +3% to +6% versus the 2009 second quarter.
