Illinois Tool Works Inc. (ITW) reported that its first-quarter net income declined to $354 million or $0.78 per share, from $486 million or $1.00 per share in the same quarter last year.
The first quarter 2013 income per share from continuing operations was $1.01, an increase of 6 percent versus 2012 first quarter earnings of $0.95. Excluding the one-time impact of a $30 million pretax gain associated with the acquisition of the majority interest in a consumer packaging joint venture, adjusted earnings per share of $0.96 was 8 percent higher than pro forma first quarter 2012 earnings. Analysts polled by Thomson Reuters expected the company to report earnings of $0.96 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues of $4.0 billion declined 8.0 percent due to the Decorative Surfaces segment results included in 2012 and weaker than expected organic revenue activity. Excluding the impact of Decorative Surfaces, total revenues declined 1.8 percent. Fifteen analysts had consensus revenue estimate of $ 4.28 billion for the quarter.
For the 2013 second quarter, the company forecasts income per share from continuing operations to be in a range of $1.04 to $1.12 and assumes a total revenue growth range of 2.5 percent to 3.5 percent. Analysts expect the company to report earnings of $1.12 per share on revenues of $4.51 billion for the second-quarter.
The company maintaining its $4.25 midpoint forecast for full-year 2013 income per share from continuing operations. The company now expects full-year income per share from continuing operations to be in the range of $4.15 to $4.35 and total revenue growth in a range of 2 percent to 4 percent. Analysts expect the company to report earnings of $4.26 per share on revenues of $17.53 billion for fiscal 2013.
Earlier, the company expected fiscal 2013 income per share from continuing operations in a range of $4.13 to $4.37 and total revenue growth in a range of 3 percent to 5 percent.
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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.