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ITW REPORTS RECORD SECOND QUARTER AND FIRST HALF RESULTS

 ITW REPORTS RECORD SECOND QUARTER AND FIRST HALF RESULTS
 CHICAGO, July 23 /PRNewswire/ -- Illinois Tool Works Inc.


(NYSE: ITW) today reported record second quarter and first half operating revenues, operating income and net income.
 Second quarter 1992 operating revenues were $717.1 million, an increase of 7 percent over 1991 second quarter operating revenues of $673.1 million. Operating income for the 1992 second quarter was $97.6 million, a 13 percent increase over the 1991 second quarter.
 Net income in the 1992 second quarter was $51.2 million, or $.92 per share, an 8 percent increase from the 1991 second quarter income of $47.3 million or $.86 per share.
 First half 1992 operating revenues were $1.4 billion, an increase of 8 percent over 1992 first half operating revenues of $1.3 billion. Operating income in the 1992 first half was $176.8 million, an increase of 12 percent over the 1991 first half.
 Net income for the 1992 first half was $91.4 million or $1.64 per share, an increase of 3 percent from 1991 first half net income of $88.5 million or $1.61 per share. The first half of 1991 included a 6-cent- per-share gain from the sale of land in Japan.
 The revenues of ITW's two business segments, Engineered Components and Industrial Systems and Consumables, grew at about the same rate during the second quarter with the Engineered Components segment having much stronger operating income growth due to the improved performance of ITW's automotive and domestic construction businesses. The major reason for the Industrial Systems and Consumables increase was the improved performance of the Industrial Packaging Group.
 ITW's second quarter domestic operations showed good revenue growth with even stronger operating income improvements, again driven by automotive, construction and the Industrial Packaging Group. International revenues were also up for the second quarter but by a smaller amount than domestic as Europe's economic growth appears to be slowing.
 ILLINOIS TOOL WORKS INC.
 Summary of Income
 (in thousands except per-share data)
 Three months ended Six months ended
 June 30, June 30,
 1992 1991 1992 1991
 Operating revenues $ 717,108 $ 673,130 $1,386,602 $1,281,292
 Operating costs 472,875 445,412 917,897 853,416
 Selling, administrative
 and R&D expense 146,634 141,397 291,859 269,610
 Operating income 97,599 86,321 176,846 158,266
 Interest expense (12,506) (10,609) (24,811) (21,437)
 Other income (expense) (2,622) 565 (4,627) 7,056
 Income before income
 taxes 82,471 76,277 147,408 143,885
 Income taxes 31,300 29,000 56,000 55,400
 Net income $ 51,171 $ 47,277 $ 91,408 $ 88,485
 Net income per share of
 common stock $0.92 $0.86 $1.64 $1.61
 Average shares outstand-
 ing during period 55,862 55,170 55,828 55,123
 SUMMARY OF FINANCIAL POSITION
 June 30, March 31, Dec. 31,
 1992 1992 1991
 Assets
 Cash and equivalents $ 60,124 $ 53,322 $ 93,102
 Trade receivables, less
 reserves 528,668 501,130 $ 483,030
 Inventories 432,047 436,661 427,227
 Prepaid income taxes 34,324 32,135 32,675
 Prepaids and other
 current assets 54,996 50,210 51,994
 Total current assets $1,110,159 $1,073,458 $1,014,622
 Plant and equipment 1,049,968 1,020,623 1,014,622
 Less: accumulated
 depreciation (522,929) (502,671) (488,927)
 Net plant and equipment 527,039 517,952 525,695
 Goodwill, net of accumulated
 amortization 359,546 353,744 350,427
 Investment in leveraged
 leases 62,691 63,830 64,213
 Other assets 245,877 242,463 228,776
 $2,305,312 $2,251,447 $2,257,139
 Liabilities & Stockholders' Equity
 Short-term debt $140,305 $160,508 $182,107
 Accounts payable & accrued
 expenses 402,462 380,973 384,347
 Cash dividends payable 12,292 12,286 12,258
 Income taxes 67,918 53,934 67,275
 Total current liabilities 622,977 607,701 645,987
 Long-term debt 308,343 308,353 307,082
 Other liabilities & credits 34,382 30,562 33,221
 Deferred income taxes 53,219 54,783 58,798
 Common stock 144,268 143,452 139,982
 Earnings reinvested in the
 business 1,127,456 1,088,862 1,060,931
 Cslation 16,627 19,694 13,172
 Total stockholders' equity 1,286,391 1,250,048 1,212,051
 $2,305,312 $2,251,447 $2,257,139
 -0- 7/23/92
 /CONTACT: Mike Gregg of ITW, 702-657-4061/
 (ITW) CO: Illinois Tool Works Inc. ST: Illinois IN: SU: ERN


LR -- NY080 -- 2576 07/23/92 13:34 EDT
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Date:Jul 23, 1992
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