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Illinois Tool Works Reports Revenue Increase, Narrows Forecast
Jun 13, 2003
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Illinois Tool Works Inc. today reported an operating revenue increase of 4 percent for the 3 months ended May 31, 2003. Operating revenues for the 3-month period consisted of 2 percent growth from acquisitions and a 6 percent contribution from currency translation, offset by a 4-percent decline in base business revenues. According to the company, its revenue performance for the 3 months continued to reflect weakness in a variety of North American end markets.

Based on two months of actual results in the 2003 second quarter, the company has narrowed its forecast range to U.S. $0.85 to $0.91 for income per diluted share from continuing operations. Even though its second-quarter base business revenues are forecasted to be in the -4 percent to -5 percent range, the company says this weaker than anticipated performance is expected to be offset by gains from currency translation and increased income from the Leasing and Investments segment. For full-year 2003, the company's forecast remains unchanged as income per diluted share from continuing operations is expected to be in the range of $3.02 to $3.42.

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