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ITASCA, IL – ITW lowered its third quarter and full-year forecasts following a slowdown in North America as industrial production and end-market fundamentals weakened and margins tightened last month, the company said.
The company now forecasts third-quarter earnings per share from continuing operations of 82 to 86 cents, and full-year EPS from continuing operations of $3.22 to $3.34. On Aug. 15, the company guided for third-quarter earnings per share from continuing operations of 93 to 99 cents, and 2008 EPS from continuing operations of $3.40 to $3.52.
The forecast assumes total revenue growth of nine to 11% for the quarter and nine to 12% for the year, down from Aug. 15 guidance of 10 to 14%.
The company also broke out its Power Systems and Electronics unit revenues. The group reported $649 million in sales in the fiscal second quarter, up 14.8% year-over-year and 11.2% sequentially.
The unit reported operating income rose 14% sequentially to $141.5 million.
The business unit includes Speedline Technologies, Vitronics Soltec and Kester, among others.
Year-to-date, Power Systems and Electronics is the second-largest business unit, behind Industrial Packaging, of the $16 billion ITW conglomerate. |
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