9/15/2009
NEWS BRIEFS
ITW Boosts Q3 Earnings Forecast

Illinois Tool Works increased its third quarter earnings forecast, boosted by successful restructuring efforts and improving end markets, including automotive and construction. The company estimated a rise in revenue of 3% to 6% during Q3.

The announcement came amid a 21% drop in operating revenue for the three months ended August 31, 2009.

“The revenue decline for the three months consisted of a 19% decrease in base revenues and a 7% decline in contributions from currency translation,” the company stated.

Transportation revenue, including fasteners, fell 9.2% during the three-month period, while revenue from Construction Products, including fasteners, dropped 27%. ©2009 GlobalFastenerNews.com

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