Global Fastener News

ITW Trims Q4 Earnings Estimate on Weak U.S. Markets

Illinois Tool Works trimmed its fourth-quarter earnings estimate due to weakness in U.S. end markets, sending its shares down 4%. ITW now expects to earn 82 cents to 86 cents a share for the fourth quarter of 2007, and $3.32 to $3.36 a share for the full year.
“During the past three months, the company has seen continuing weakness in North American end markets and, as a result, lower-than-expected base revenues and operating margins,” ITW stated.
ITW reported operating revenue increased 16.6% from September to November, boosted by acquisitions and strong international markets.
ITW’s North American Engineered Products segment, including fasteners, saw revenue rise 2.2% during the three-month period, while international engineered products revenue jumped 26.4%.
Overall international revenues grew 5% during the three-month period, while North American revenue gained less than 1%. Web: itw.com �2008 FastenerNews.com