(ITW) Illinois Tool Works Offers Bright Operating Outlook

March 18th, 2010

Recently, Illinois Tool Works Inc. (ITW) reported a year-on-year increase of 10% in total operating revenue for the three months ended Feb 28, 2010.

Base revenues contributed 2% to revenue growth, and acquisitions and currency translation added 2% and 6%, respectively. The improvement in base revenue was largely due to increased production by global automotive manufacturers as well as modest improvement in the industrial packaging and polymers and fluids end-markets.

Illinois Tool Works reported encouraging results during the fourth quarter of 2009 with EPS of 98 cents, a 66% increase compared to the fourth quarter of 2008. Illinois Tool Works continues to see the benefits of ongoing restructuring activities and improvements in discrete end-markets in the most recent quarter.

First quarter of 2010 will end on Mar 30, 2010. After two months of encouraging results in the first quarter as well as excellent results during the fourth quarter of 2009, Illinois Tool Works revised its EPS estimate. The company now expects EPS in the range of 52 cents to 60 cents from 48 cents to 60 cents. First quarter revenue growth is estimated in the range of 13% to 15%.

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

Illinois Tool Works is a multinational manufacturer of a diversified range of value-added and short lead-time industrial products and equipment. The company has grown substantially driven by its ability to develop new and improved products and through numerous acquisitions. Thus, we reiterate our Neutral recommendation on the stock.

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