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%
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.