Illinois Tool Works Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2012. For the fourth quarter, the company reported operating revenues of $4,221 million compared to $4,320 million a year ago. Operating income was $609 million compared to $647 million a year ago. Income from continuing operations before income taxes were $1,458 million compared to $601 million a year ago. Income from continuing operations were $972 million or $2.10 per diluted share compared to $437 million or $0.90 per diluted share a year ago. Net income was $979 million or $2.11 per diluted share compared to $442 million or $0.91 per diluted share a year ago. Net cash provided by operating activities were $605 million compared to $712 million a year ago. Adjusted income from continuing operations was $359 million.

For the full year, the company reported operating revenues of $17,924 million compared to $17,787 million a year ago. Operating income was $2,847 million compared to $2,731 million a year ago. Income from continuing operations before income taxes were $3,603 million compared to $2,593 million a year ago. Income from continuing operations were $2,495 million or $5.27 per diluted share compared to $2,017 million or $4.08 per diluted share a year ago. Net income was $2,870 million or $6.06 per diluted share compared to $2,071 million or $4.19 per diluted share a year ago. Net cash provided by operating activities were $2,072 million compared to $1,956 million a year ago.

The company provided earnings guidance for the first quarter and full year of fiscal 2013. For the year, the company announced total company organic revenue growth is expected to be in a range of 1% to 3%. As part of its enterprise strategy in 2013, the company also expects to spend $120 million to $140 million for restructuring activities. As a result, the company is forecasting full-year diluted income per share from continuing operations to be in a range of $4.13 to $4.37. The midpoint of this earnings range would represent a 13% increase versus pro forma EPS of $3.76 for 2012. Full year total revenue growth is forecasted to be in a range of 3% to 5%. All 2013 revenue and EPS metrics compare to the company's 2012 pro forma results.

For quarter, the company is forecasting diluted income per share from continuing operations to be in a range of $0.91 to $0.99. The midpoint of this earnings range would represent a 4% increase versus pro forma EPS of $0.91 for the first quarter of 2012. First quarter total revenue growth is forecasted to be in a range of flat to negative 2%.