Illinois Tool Works Inc., Glenview, IL, reported an operating revenue increase of 2.4% for the three months ended Nov. 30, 2008. Revenue growth was driven by contributions from acquisitions. Base revenues were negative for the three month period as North American and international end markets declined significantly in the month of November. Currency translation also had a negative impact for the three month period.
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:
Industrial Packaging: +1.4%
Power Systems and Electronics: -1.9%
Transportation: +7.6%
Construction Products: -12.6%
Food Equipment: +2.0%
Polymers and Fluids: +36.4%
All Other: +1.4%
On Dec. 8, 2008, the Company issued an updated forecast and reported significant further weakening in worldwide end markets, the negative impact from currency translation and higher than originally anticipated restructuring costs in the quarter. The 2008 fourth quarter forecast assumes a total company revenue decrease of 7% to 9%. For the full year, the Company is forecasting a total revenue growth range of 6% to 7%.
With $14.9 billion in revenues, ITW is a diversified and value-added manufacturer of highly engineered components and industrial systems and consumables. The Company consists of approximately 825 business units in 52 countries and employs 60,000 people.
