Illinois Tool Works Inc. (ITW) reported that its first-quarter net income declined to $486 million or $1.00 per share, from $623 million or $1.24 per share in the same quarter last year.
The company reported first quarter 2012 income per share from continuing operations of $0.97. Excluding a one-time tax benefit of $0.33 associated with an Australian tax matter in the 2011 first quarter, income per share from continuing operations in the 2012 first quarter increased 10.2 percent versus the year-ago period.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenues for the quarter rose to $4.55 billion from $4.27 billion in the prior year quarter. Sixteen analysts had consensus revenue estimate of $4.60 billion for the quarter.
For the 2012 second quarter, the company forecasts income per share from continuing operations to be in the range of $1.08 to $1.16 and total revenue growth range of 3.5 percent to 6.0 percent. Analysts expect the company to report earnings of $1.08 per share on revenues of $4.92 billion for the second-quarter.
The company said it raised its 2012 full-year income per share from continuing operations forecast, due to better-than-expected first quarter results and share repurchase activity.
The company now expects full-year income per share from continuing operations to be in the range of $4.14 to $4.38 versus the prior forecasted range of $4.02 to $4.26.
Full-year revenue growth is now expected to be in a range of 5.0 percent to 7.0 percent. Previously, Total revenue growth was expected in the range of 5 to 8 percent.
Analysts expect the company to report earnings of $4.15 per share on revenues of $19.04 billion for fiscal 2012.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.