Illinois Tool Works Inc.: Glenview-based Illinois Tool Works Inc. reported fourth-quarter net income fell 20 percent to $180 million, or 59 cents per diluted share, down from $225.7 million, or 74 cents per diluted share, a year earlier, because of one-time merger costs.
Revenue rose 10 percent, to $2.49 billion from $2.26 billion.
The manufacturer of engineered components and industrial systems said record fourth-quarter revenues were the result of improving business and acquisition activity.
The company said earnings were depressed by $81 million in pretax costs from November’s merger with Premark International Inc. Excluding merger costs, fourth-quarter net income was 82 cents per diluted share, up from 74 cents in the year-earlier period.
For the full year, including the merger-related costs, net income was $841.1 million, or $2.76 per diluted share, up from $809.7 million, or $2.66 per diluted share. Excluding merger costs, annual per share profits were $2.99.
Revenue for the year increased 11 percent, to $9.33 billion from $8.39 billion.
ILLINOIS TOOL WORKS INC.
In millions except for per-share data.
%%
4th Qtr. Dec. 31 1999 1998
Revenues 2,487.3 2,258.1
One-time loss a81.02
Net income (loss) 180.0 225.7
Per share (basic) 0.60 0.75
Per share (diluted) 0.59 0.74
Year 1999 1998
Revenues 9,333.2 8,387.0
One-time loss a81.02
Net income (loss) 841.1 809.7
Per share (basic) 2.80 2.70
Per share (diluted) 2.76 2.66
%% a–Pretax costs related to 1999 merger with Premark International Inc.
