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ITW REPORTS FIRST QUARTER RESULTS

 ITW REPORTS FIRST QUARTER RESULTS
 CHICAGO, April 21 /PRNewswire/ -- Illinois Tool Works Inc.


(NYSE: ITW) (ITW) today reported first quarter operating revenues, operating income and net income.
 First quarter 1992 operating revenues were $669.5 million, an increase of 10 percent over 1991 first quarter operating revenues of $608.2 million. Operating income in the 1992 first quarter was $79.2 million, 10 percent above the 1991 first quarter with contributions coming from both core businesses and recent acquisitions.
 Net income in the 1992 first quarter was $40.2 million, 2 percent below 1991 first quarter net income of $41.2 million. Earnings per share in the 1992 first quarter were 72 cents versus 75 cents per share a year earlier. An additional one million shares were outstanding in the 1992 first quarter compared to the 1991 first quarter. The translation effect of weaker foreign currencies in the first quarter 1992 compared with the first quarter 1991 decreased earnings per share by 3 cents. The year earlier first quarter also included a 6 cents per share gain from the sale of land in Japan.
 In the quarter, revenues and operating income increased in the company's domestic and international operations.
 In the segments, Engineered Components had increases in both revenues and operating income. Industrial Systems and Consumables registered an increase in revenues and a slight decline in operating income compared to the same quarter a year earlier.
 ILLINOIS TOOL WORKS INC.
 (In thousands except per share data)
 SUMMARY OF INCOME Three months ended March 31,
 1992 1991
 OPERATING REVENUES $ 669,494 $ 608,162
 Operating costs 445,022 408,004
 Selling, administrative
 and R & D expenses 145,225 128,213
 OPERATING INCOME 79,247 71,945
 Interest expense (12,305) (10,828)
 Other income (expense) (2,005) 6,491
 Income before income
 taxes 64,937 67,608
 Income taxes 24,700 26,400
 NET INCOME $ 40,237 $ 41,208
 Net income per share of
 common stock $ 0.72 $ 0.75
 Net shares outstanding
 during period 55,800 54,855
 March 31, Dec. 31,
 ASSETS 1992 1991
 Cash and equivalents $ 53,322 $ 93,102
 Trade receivables, less
 reserves 501,130 $ 483,030
 Inventories 436,661 427,227
 Prepaid income taxes 32,135 32,675
 Prepaids and other
 current assets 50,210 51,994
 TOTAL CURRENT ASSETS $1,073,458 $1,088,028
 Plant and equipment 1,020,623 1,014,622
 Less: accumulated
 depreciation (502,671) (488,927)
 Net plant and equipment 517,952 525,695
 Goodwill, net of accumulated
 amortization 353,744 350,427
 Investment in leveraged
 leases 63,830 64,213
 Other assets 242,463 228,776
 $2,251,447 $2,257,139
 LIABILITIES & STOCKHOLDERS' EQUITY
 Short-term debt $ 160,508 $ 182,107
 Accounts payable & accrued
 expenses 380,973 384,347
 Cash dividends payable 12,286 12,258
 Income taxes 53,934 67,275
 TOTAL CURRENT LIABILITIES 607,701 645,987
 Long-term debt 308,353 307,082
 Other liabilities & credits 30,562 33,221
 Deferred income taxes 54,783 58,798
 Common stock 143,452 139,982
 Earnings reinvested in the
 business 1,088,862 1,060,931
 Common shares held
 in treasury (1,960) (2,034)
 Equity adj. from foreign
 currency translation 19,694 13,172
 TOTAL STOCKHOLDERS' EQUITY 1,250,048 1,212,051
 ? $2,251,447 $2,257,139
 -0- 4/21/92
 /CONTACT: Stephen Kaye of ITW, 702-657-4094/
 (ITW) CO: Illinois Tool Works Inc. ST: Illinois IN: SU: ERN


SH -- NY084 -- 0731 04/21/92 13:56 EDT
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Date:Apr 21, 1992
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