- Fourth quarter diluted EPS from continuing operations of $0.92, higher than Company midpoint guidance of $0.89
- Operating margins of 17.7 percent up 260 basis points versus year-ago period; Enterprise initiatives contribute 110 basis points
- Organic revenues up 3 percent
- Company reiterates 2014 full-year EPS guidance range of $4.30 to $4.50, up 18 percent to 24 percent
GLENVIEW, Ill., Jan. 28, 2014 /PRNewswire/ -- Illinois Tool Works Inc. (NYSE: ITW) today reported fourth quarter diluted earnings per share (EPS) from continuing operations of $0.92, three cents higher than the midpoint of the Company's forecast. The better-than-expected EPS was driven by strong contributions from the Company's enterprise initiatives as well as improving organic revenue growth from both international and North American geographies.
Key highlights for the 2013 fourth quarter financial results versus the prior-year period include:
•Total Company revenues were $3.55 billion while operating income totaled $628 million. Excluding the impact of Decorative Surfaces 2012 results, Company operating revenues increased 4.8 percent and operating income grew 22.7 percent. Organic revenues increased 2.8 percent, with international growing 3.3 percent and North America growing 2.6 percent. Internationally, Europe showed further stabilization as organic revenues grew 1.8 percent and Asia Pacific grew 4.1 percent.
•Fourth quarter 2013 EPS of $0.92 was 43 percent higher than the prior-year period.
•Fourth quarter operating margins of 17.7 percent were 260 basis points higher, with enterprise initiatives contributing 110 basis points.
•Fourth quarter free operating cash flow was at 147 percent of net income.
•Fourth quarter segment highlights include:
•Automotive OEM grew organic revenues 11.2 percent as increasing product penetration with key global customers resulted in revenue growth outperforming worldwide auto builds by 5
good quarter, good year, right on track to enhance the enterprise value long term. Share purchase program accelerating, could be more than 50MM shares, and happen sooner than year end, for sure. That supports s/p.