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Company initiates 2015 EPS guidance in a range of $5.15 to $5.35 (mid-point represents 14 percent growth) and confirms 2014 EPS guidance range of $4.57 to $4.65
- Company increases operating margin target to approximately 23 percent by the end of 2017 and reaffirms previous return on invested capital and organic revenue growth targets of 20 percent+ and 200 bps above global GDP, respectively
GLENVIEW, Ill., Dec. 5, 2014 (GLOBE NEWSWIRE) -- Illinois Tool Works Inc. (NYSE:ITW) today will detail progress on the Company's Enterprise Strategy at its annual investor meeting in New York City. During the meeting, the Company will initiate 2015 diluted earnings per share (EPS) guidance in a range of $5.15 to $5.35 and confirm its 2014 full-year diluted earnings per share from continuing operations guidance in a range of $4.57 to $4.65. The Company is forecasting organic revenues to grow approximately 2.5 percent in 2014 and in a range of 2.5 percent to 3.5 percent in 2015.
The Company will announce an increased 2017 operating margin target of approximately 23 percent by the end of 2017. Management will also discuss the Company's Enterprise Strategy and differentiated business model along with a review of its organic revenue growth and acquisition strategy.
Management participants in the Investor Day will include President and Chief Executive Officer E. Scott Santi; Vice Chairman David C. Parry; and Chief Financial Officer Michael M. Larsen.
"Over the past two years, we have made solid progress implementing our Enterprise Strategy to focus the Company on taking full advantage of the compelling performance potential of ITW's unique and highly differentiated business model," said Mr. Santi. "As we look ahead, we remain confident that our strategy along with our people's demonstrated ability to execute against it position ITW to deliver sustainable world-class financial performance and long-term shareholder value."
The presentation will begin at 9:00 a.m. ET and will conclude at 12:00 p.m. ET. The Company's webcast, featuring a synchronized slide show of management presentations, can be accessed via its website at www.itw.com. Interested participants should then access the investor information tab. The webcast replay will be available through midnight on January 9, 2015.
The remarks made by ITW representatives at this meeting contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements regarding the expected impact and timing of strategic initiatives and related benefits, operating income and organic revenue growth, growth in operating margins and return on invested capital, the macro-economic environment, earnings per share, free operating cash flow, restructuring expenses and related benefits, exchange rates, the timing and impact of additional leverage, the timing and amount of share repurchases, and the Company's related forecasts. Forward-looking statements may be identified by the use of words such as "believe," "expect," "plans," "intends," "strategy," "prospects," "estimate," "project," "target," "anticipate," "guidance," and other similar words, and are subject to certain risks, uncertainties, and other factors which could cause actual results to differ materially from those anticipated. Important risks that could cause actual results to differ materially from the Company's expectations include those that are detailed in ITW's Form 10-Q for the second quarter of 2014.
ITW is a Fortune 200 global diversified industrial manufacturer of value added consumables and specialty equipment with related service businesses. The Company focuses on solid growth, improving profitability and strong returns across its worldwide platforms and divisions. These divisions serve customers and markets around the globe, with a significant presence in developed as well as emerging markets. ITW's revenues totaled $14.1 billion in 2013.
Non-GAAP Measures
The Company will be using certain non-GAAP measures in talking about our performance. Refer to the appendix of the management presentation at the Company's website under the "Investor Relations" tab for additional information on these non-GAAP measures.