The 2020 Mid-Year Economic Update_long

ITW Operating Revenues Fall 26%

Illinois Tool Works Inc., Glenview, IL, reported operating revenue decreased 26% for the three months ended May 31, 2009, due to a 23% decrease in base revenues and a 9% decline in contributions from currency translation. Acquisitions contributed 6% to revenues in the three month period.

The Company's base revenues continue to stabilize as core revenues have been in a range of -21% to -25% since January 2009.

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. (Percent change for three months ended May 31, 2009 versus prior year period) ...

Illinois Tool Works Inc., Glenview, IL, reported operating revenue decreased 26% for the three months ended May 31, 2009, due to a 23% decrease in base revenues and a 9% decline in contributions from currency translation. Acquisitions contributed 6% to revenues in the three month period.

The Company’s base revenues continue to stabilize as core revenues have been in a range of -21% to -25% since January 2009.

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. (Percent change for three months ended May 31, 2009 versus prior year period)

Industrial Packaging: -37.2%
Power Systems and Electronics: -37.1%
Transportation: -22.9%
Food Equipment: -15.0%
Construction Products: -36.6%
Polymers and Fluids: -7.9%
Decorative Surfaces: -24.0%
All Other: -18.3%

The Decorative Surfaces segment was placed back into continuing operations as was announced on May 8, 2009. As a result, ITW is now forecasting second quarter 2009 diluted income per share from continuing operations to be in a range of $0.29 to $0.41.

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