Illinois Tool Works Revenue Down 25% Past Three Months

   DOW JONES NEWSWIRES 
 

Illinois Tool Works Inc. (ITW) said its revenue has fallen 25% the past three months, showing the sales slump at the diversified manufacturer has appeared to stabilize.

Excluding acquisitions and currency changes, the drop was 23%, with the weakest segments being industrial packaging, power systems and electronics and construction products. All three saw sales down by more than one-third.

The company affirmed its second-quarter earnings forecast set last month, assuming a sequential revenue increase of 5% to 11%. The forecast excludes its Decorative Surfaces unit which it pulled off the block last week, citing a weak market and premiums afforded such operations. The unit makes building products such as laminate, countertops and flooring and its brands include Wilsonart and Polyrey.

Shares were down 1.3% at $33.50 in recent premarket trading. As of Thursday, the stock was down nearly 40% in the last 12 months, though it has risen by roughly a third since hitting a seven-year low in March.

-By Tess Stynes, Dow Jones Newswires; 201-938-2473; [e-mail]