Premier manufacturer of industrial products and equipment,
Illinois Tool Works Inc.
) recently declared an exchange offer of its unregistered old notes
with new notes registered under the Securities Act of 1993.
Accordingly, the company's outstanding 3.375% old notes due to
mature in 2021 and 4.875% old notes due to mature in 2041 will be
exchanged with a maximum of $350 million of its 3.375% new notes
maturing in 2021 and maximum of $650 million of its 4.875% new
notes with maturity due in 2041.
The new notes are completely identical with the old notes and
they are not likely to bear any transfer restriction. Additionally,
the exchange offer is valid till June 27, 2012. The company
holds the right to extend or terminate the date of the exchange
offer as well as to withdraw the tender on or before June 27,
The company's earnings per share from continuing operations were
97 cents in first quarter of fiscal 2012, representing a
year-over-year increase of 10.2%. Operating revenue in the first
quarter increased 6.4% year over year to $4,547 million. The
year-over-year increase in operating revenue symbolized continued
improvement in end market demand.
The company pertains to an industry where ominous competition is
prevalent. The company's chief competitors include
DXP Enterprises, Inc.
METSO CP ADS
The Zacks Consensus Estimate for the first quarter of fiscal
2012 and full year of fiscal 2012 are $1.11 and $4.25,
respectively. Currently, the stock bears a Zacks #3 Rank, which
translates into a short-term 'Hold' rating. Additionally, we
maintain a long-term 'Neutral' recommendation on the stock.
DXP ENTERPRISES (DXPE): Free Stock Analysis
ILL TOOL WORKS (ITW): Free Stock Analysis
KADANT INC (KAI): Free Stock Analysis Report
METSO CORP -ADR (MXCYY): Free Stock Analysis
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