Illinois Tool Works reaffirms 4Q, 2010 forecasts

Glenview-based Illinois Tool Works Inc. reaffirmed its fourth-quarter and full-year profit forecasts on Monday.

The industrial equipment maker expects quarterly earnings from continuing operations of 74 cents to 82 cents per share and full-year net income of $2.99 to $3.07 per share.

Analysts surveyed by Thomson Reuters, whose estimates normally exclude one-time items, expect fourth-quarter earnings of 80 cents per share and $3.08 per share for the year.

Illinois Tool Works said its quarterly guidance assumes 7 percent to 9 percent total revenue growth, while its 2010 outlook assumes 13 percent to 14 percent growth.

The company also said that its operating revenue for the three months ending Oct. 31 rose 13 percent, helped by solid performances from its industrial packaging and power systems and electronics units.

Illinois Tool Works said base revenue added 10 percent to its results for the period ended Oct. 31, with acquisitions contributing 4 percent. Currency translation hurt results by 1 percent.

In October the company reported its third-quarter net income jumped 39 percent, driven by core sales growth with continued help from restructuring.