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News and Information Article
GLENVIEW, Ill., Sept. 15 /-FirstCall/ -- Illinois Tool Works
Inc. (NYSE: ITW) today reported an operating revenue increase of 12 percent
for the three months ended August 31, 2006. Operating revenues for the
three month period consisted of 5 percent growth from base revenues and a 7
percent increase from acquisitions. While base revenue growth benefited
from relatively strong international and North American end market demand
in a number of the companys manufacturing related businesses, the North
American new housing market weakened in August. The company expects some
additional weakness in this market in September and in the fourth quarter.
On a manufacturing segment basis, the Companys three month moving
average percentage change for operating revenues, comprised of base
revenues and acquisitions, is provided below.
(% change for 3 months ended August 31, 2006 versus prior year period)
*Engineered Products/North America: + 11%
*Engineered Products/International: + 9%
*Specialty Systems/North America: + 12%
*Specialty Systems/International: + 13%
After two months of actual results and continued weakness in the North
American new housing market as well as expected slowing in North American
Big 3 automotive production, the Company now is forecasting a third quarter
earnings range of $0.78 to $0.80. For full-year 2006, the Company is
forecasting an earnings range of $3.03 to $3.07. For the third quarter,
base revenues are expected to grow in a range of 3.0 percent to 4.0
percent. For the full-year, base revenues are forecasted to grow in a range
of 4.4 percent to 5.2 percent.
The statements regarding future end market activity as well as the
Companys 2006 earnings and revenue growth estimates are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995, including statements regarding the Companys third quarter and
full- year forecasts. These statements are subject to certain risks,
uncertainties and other factors, which could cause actual results to differ
materially from those anticipated. Important factors that could cause
actual results to differ materially from the Companys expectations are set
forth in ITWs Form 10-Q for the second quarter of 2006.
ITW is a $12.8 billion in revenues diversified manufacturer of highly
engineered components and industrial systems and consumables. The company
consists of approximately 700 business units in 48 countries and employs
some 50,000 people.
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