ITW Lowers Earnings Forecast

John Wolz

Illinois Tool Works Inc. reported growth through acquisitions was offset by zero percent growth from base businesses and a 4% loss due to currency translations during its fourth fiscal quarter ended November 30, 2000.\
“As a result of the zero percent base business performance and projected declines in operating performance for December, ITW is re-forecasting its 2000 earnings per share to be in the range of 65 cents to 70 cents for the fourth quarter and $3.14 to $3.19 for the full year,” according to a company statement.
Total company revenue grew 6% during the quarter.
Revenue from engineered products, including fasteners, grew 1% in North America and 46% internationally.
“The slowing of growth for the three month period was directly attributable to a continuing decline in November base business performance in a broad array of businesses and related end markets, particularly in North America,” an ITW statement explained.
ITW is a $9.3 billion manufacturer of engineered components and industrial systems. ITW has 500 operations in 40 countries and 52,800 employees.