Illinois Tool Works Inc. (ITW) reported operating revenue for the three months ended January 31, 2010. During the quarter, total operating revenue increased 5% year over year. The growth in revenue was due to acquisitions and currency translation, which contributed 1% and 6%, respectively.

Although base revenue declined 2%, it improved versus the fourth quarter of 2009 when base revenue fell 10% on a year-over-year basis. The sequential base revenue improvement was largely due to easier January comparisons and the substantial improvement in the North American automotive OEM end market.

Fourth quarter 2009 operating revenues of $3,757 million were 5% lower than the year-ago period. The company’s base revenues declined 10% with North American base revenues declining 10.9% and international base revenues decreasing 9%.

During the fourth quarter of 2009, EPS was 98 cents, a 66% increase compared to the fourth quarter of 2008. The company continues to see the benefits of ongoing restructuring activities and improvements in discrete end-markets in the most recent quarter. However, full-year EPS totaled $1.93, a 40% decline versus 2008.

The company believes most end markets have stabilized and anticipates modest expansion in a variety of worldwide end markets in 2010. ITW is estimating first quarter 2010 EPS to be in a range of 48 cents to 60 cents. The 2010 first quarter forecast assumes a total revenue growth range of 14% to 18%.

For full-year 2010, the company is forecasting EPS to be in a range of $2.43 to $2.93. The 2010 full-year forecast assumes a total revenue growth range of 10% to 14%.

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