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ITW REPORTS RECORD 1992 FOURTH QUARTER AND FULL YEAR RESULTS

 CHICAGO, July 22 /PRNewswire/ -- Illinois Tool Works Inc. (NYSE: ITW) ("ITW") today reported record 1993 second quarter and first half operating revenues.
 Second quarter 1993 operating revenues were $829.3 million, an increase of 15.6 percent over 1992 second quarter operating revenues of $717.1 million. Operating income was $106.5 million, an increase of 9 percent over last year. Net income in the 1993 second quarter was $54.8 million or 49 cents per share, which represents a 7 percent increase over 1992 second quarter net income of $51.2 million or 46 cents per share.
 First half 1993 operating revenues were $1.58 billion, an increase of 13.9 percent over 1992 first half operating revenues of $1.39 billion. Operating income in the 1993 first half was $188.4 million, an increase of 6.5 percent over the first half of 1992 financial results. Net income the first half of 1993 was $96.8 million, or 86 cents per share, which is an increase of 6 percent over 1992 first half net income of $91.4 million or 82 cents per share.
 Continued growth from the construction and automotive businesses contributed to the improved performance in the Engineered Component's segment. While The Miller Group is contributing to this segment, continued integration will yield an even greater contribution. The Industrial Systems and Consumable's segment had improvements in operating income from finishing systems which were partially offset by a softer European industrial packaging performance.
 ITW's 1993 second quarter domestic operations had higher operating revenues and operating income than last year driven by the Miller acquisition and strong performance in all domestic markets. While European operating margins improved from the 1993 first quarter, operating revenues and operating income were down versus last year due to the weakness of the European economy.
 ITW is a multinational manufacturer of highly engineered fasteners, components, assemblies and systems with annual revenues exceeding $2.8 billion. The company has approximately 250 operations in 33 countries and employs approximately 18,000 people.
 ILLINOIS TOOL WORKS INC.
 Summary of Income
 (In thousands except per-share data)
 Three Months Six Months
 Periods ending June 30, 1993 1992 1993 1992
 Operating Revenues 829,318 $717,108 $1,579,340 $1,386,602
 Operating costs 557,802 472,875 1,067,493 917,897
 Selling, admin. and
 R&D expenses 165,045 146,634 323,482 291,859
 Operating Income 106,471 97,599 188,365 176,846
 Interest expense (10,014) (12,506) (18,058) (24,811)
 Retiree healthcare
 Amortization (1,742) --- (3,484) ---
 Other income(expense) (6,416) (2,622) (10,697) (4,627)
 Income before income
 taxes 88,299 82,471 156,126 147,408
 Income taxes 33,500 31,300 59,300 56,000
 Net Income $ 54,799 $ 51,171 $ 96,826 $ 91,408
 Net income per share of
 common stock $0.49 $0.46 $0.86 $0.82
 Average shares outstng.
 during the period 112,730 111,724 112,650 111,657
 All shares restated for 2 shares for 1 stock split
 Summary Of Financial Position
 Periods ending 6/30/93 3/31/93 12/31/92
 Assets
 Cash and equivalents $ 52,297 $ 66,830 $ 31,193
 Trade receivables 591,634 538,015 492,202
 Inventories 435,154 442,206 400,605
 Deferred income taxes 56,899 56,899 33,136
 Prepaids and other
 current assets 55,677 51,605 47,711
 Total Current Assets 1,191,661 1,155,555 1,004,847
 Plant and equipment 1,193,259 1,142,797 1,073,333
 Less: accumulated
 depreciation (622,728) (585,701) (549,217)
 Net Plant and Equipment 570,531 557,096 524,116
 Goodwill 365,183 354,299 356,616
 Investment in leveraged
 leases 60,890 60,599 61,065
 Other assets 270,029 265,404 257,543
 Total assets $2,458,294 $2,392,953 $2,204,187
 Liabilities & Stockholders' Equity
 Short-term debt $234,145 $230,406 $ 83,261
 Accounts payable & accrued
 expenses 404,084 393,212 338,646
 Cash dividends payable 13,530 13,524 13,442
 Income taxes payable 26,842 33,515 77,381
 Total Current Liabilities 678,601 670,657 512,730
 Long-term debt 376,593 384,639 251,979
 Other liabilities & credits 85,428 84,025 45,669
 Deferred income taxes 110,787 110,787 54,137
 Common stock 161,073 160,331 150,944
 Earnings reinvested in the
 business 1,054,146 1,013,287 1,201,537
 Common stock held
 in treasury (1,955) (1,955) (1,960)
 Equity adj. from foreign
 currency translation (6,379) (28,818) (10,849)
 Total Stockholders' Equity 1,206,885 1,142,845 1,339,672
 Total Liabilities
 and Equity $2,458,294 $2,392,953 $2,204,187
 -0- 7/22/93
 /CONTACT: Michael Gregg or Linda Williams of ITW, 708-657-4104/
 (ITW)


CO: Illinois Tool Works Inc. ST: Illinois IN: SU: ERN

MP -- NY048 -- 4531 07/22/93 12:15 EDT
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Date:Jul 22, 1993
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