Illinois Tool Works reports dip in revenue

Illinois Tool Works Inc., the maker of Hobart food mixers and Duo-Fast nail guns, today reported an operating revenue decrease of 15 percent for the three months that ended January 31.

The revenue decline for the three months was due to a 16 percent decrease in base revenues and a 6 percent fall off in contributions from currency translation. Acquisitions contributed 7 percent to revenues in the period.

The Glenview company reports that the double-digit decrease in base revenues was primarily due to increasingly more negative macro and end market trends in North America, Europe and Asia as the three-month period progressed.

Looking ahead, the company is forecasting continuing and broad based weakness in worldwide end markets throughout 2009. Accordingly, the company is forecasting the full year forecast that assumes a total company revenue range of -12 percent to -6 percent. If the company meets the midpoints of the first quarter and full-year forecasts, diluted income per share from continuing operations would decrease 51 percent and 29 percent, respectively.

With $15.9 billion in revenues, ITW is a multinational manufacturer of a diversified range of value-adding and short lead-time industrial products and equipment. The company consists of 875 business units in 54 countries and employs some 65,000 people.