Illinois Tool Works (ITW) 8-K Results of Operations and Financial Condition

Q1 2011 Conference Call

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ITW Conference Call

First Quarter

2011

Exhibit 99.2

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ITW
Agenda

1.Introduction…………………...….. John Brooklier/David Speer

2.Financial Overview…………..….. Ron Kropp

3.Reporting Segments………....…. John Brooklier

4.2011 Forecasts…………………… Ron Kropp

5.Q & A………………......……...…... John Brooklier/Ron Kropp/David Speer

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ITW
Forward - Looking Statements

This conference call contains forward-looking statements
within the meaning of the Private Securities Litigation
Reform Act of 1995 including, without limitation, statements
regarding operating performance, revenue growth, diluted
net income per share, restructuring expenses and related
benefits, tax rates, end market conditions, and the
Company’s related 2011 forecasts.These statements are
subject to certain risks, uncertainties, and other factors
which could cause actual results to differ materially from
those anticipated.Important risks that could cause actual
results to differ materially from the Company’s
expectations are detailed in ITW’s Form 10-K for 2010.

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Conference Call Playback

Replay number: 402-220-6528

No pass code necessary

Telephone replay available through midnight of
May 10, 2011

Webcast / PowerPoint replay available at
www.itw.com

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ITW
Quarterly Highlights

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ITW
Quarterly Operating Analysis

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ITW
Non Operating & Taxes

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ITW
Invested Capital

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ITW
Debt & Equity

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ITW
Cash Flow

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ITW
Acquisitions

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Transportation
Quarterly Analysis
Q1 2011

Key Points

•Segment Q1 ’11 organic revenues: +15.1%
vs. Q1 ’10

•Auto OEM/Tiers: Worldwide base revenue
growth of 15.7% in Q1 ’11 vs. Q1 ’10 driven
by strong build environment and our
ongoing product penetration

–North American Q1 ’11 base revenues: +18.1%
vs. Q1 ’10

•North American auto builds: +16%in Q1 ’11 vs.
Q1 ’10

–International Q1 ’11 base revenues: +13.7% vs.
Q1 ’10

•European auto builds: +8% in Q1 ’11vs. Q1 ’10

–2011 auto build forecast:

•North America: 13.0 - 13.2 million units

•Europe: 19.3 - 19.5 million units

•Auto aftermarket Q1 ’11 worldwide base
revenues: +6.2%

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Industrial Packaging
Quarterly AnalysisQ1 2011

Key Points

•Segment Q1 ’11 organic revenues:+14.2% reflected strong industrial
production activity worldwide

–Total Q1 ’11 North American industrial
packaging base revenues: +10.2% vs.
Q1 ’10

–Total Q1’11 international industrial
packaging base revenues: +17.0% vs.
Q1 ’10

•Q1 ’11 North American and
international plastic and steel
strapping base revenues: +13.6% and
+15.4%, respectively, vs. Q1 ’10

•Q1 ’11 protective packaging
revenues: +6.7% vs. Q1 ’10

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Power Systems and Electronics
Quarterly Analysis
Q1 2011

Key Points

•Segment Q1 ’11 organic revenues:
+16.4% due to strong contributions from
welding and PC board fabrication units

•In Q1 ’11, worldwide welding base
revenues: +23.0% vs. Q1’10

–Q1 ’11 North America welding base
revenues: +27.4% vs. Q1 ’10 due to heavy
equipment OEM’s and manufacturers

–Q1 ’11 International welding base
revenues: +12.7% vs. Q1 ’10; Europe and
Asia Pacific both contributed to organic
growth

•Q1 ’11 PC board fabrication base
revenues: +16.0% vs. Q1 ’10 due to
consistent consumer electronics
demand

•Q1 ’11 other electronics: +5.3% vs.
Q1 ’10

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Food Equipment
Quarterly Analysis
Q1 2011

Key Points

•Segment Q1 ’11 organic
revenues: +6.4% vs. Q1 ’10 as
equipment sales improved

•North America Q1 ’11 base
revenues: +5.8% vs. Q1 ’10

–Equipment base revenues:
+9.6% in Q1 ’11 vs. Q1 ’10

–Service base revenues:
+0.5% in Q1 ’11 vs. Q1 ’10

•International Q1 ’11 base
revenues: +7.1% vs. Q1 ’10

–Equipment base revenues:
+9.3% in Q1 ’11 vs. Q1 ’10

–Service base revenues:
+2.7% in Q1 ’11 vs. Q1 ’10

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Construction Products
Quarterly Analysis
Q1 2011

Key Points

•Segment Q1 ’11 organic revenues:
+8.4% due to improving European and
North Americanconstruction
environment

•International Q1 ’11 base revenues:
+8.9% vs. Q1 ’10

–Q1 ’11 Europe base revenues: +18.4%
vs. Q1 ’10

–Q1 ’11 Asia Pacific base revenues: Flat
vs. Q1 ’10

•North America Q1 ’11 base revenues:
+7.2% vs. Q1 ’10

–Q1 ’11 residential base revenues: +3.1%
vs. Q1 ’10

–Q1 ’11 commercial construction base
revenues: +9.6% vs. Q1 ’10

–Q1 ’11 renovation base revenues: +9.3%
vs. Q1 ’10

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Polymers and Fluids
Quarterly Analysis
Q1 2011

Key Points

•Segment Q1 ’11 organic revenues:
+5.2% reflected improved industrial
demand for products in North
American and international end
markets

•Q1 ’11 worldwide polymers:

–International base revenues:
+6.6% vs. Q1 ’10 due to strength
in Latin America and Asia
Pacific businesses

–North America base revenues:
+2.8% vs. Q1 ’10

•Q1 ’11 worldwide fluids:

–International base revenues:
+3.8% vs. Q1 ’10

–North America base revenues:
+18.0% vs. Q1 ’10

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Decorative Surfaces
Quarterly Analysis
Q1 2011

Key Points

•Segment Q1 ’11 organic
revenues: +7.4% vs. Q1 ’10

•North America laminate
Q1 ’11 base revenues: +3.5%
vs. Q1 ’10 due to ongoing
product innovation by
Wilsonart

•International Q1 ’11 base
revenues: +12.4% vs. Q1 ’10
due to increased activity in
Asia Pacific (China) and
Europe

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All Other
Quarterly Analysis
Q1 2011

Key Points

•Segment Q1 ’11 organic revenues:
+11.5% vs. Q1 ’10

•Q1 ’11 worldwide test and
measurement base revenues:
+19.2% vs. Q1 ’10; equipment orders
improved in Asia Pacific (China) and
Europe

•Q1 ’11 worldwide consumer
packaging base revenues: +7.2% vs.
Q1 ’10 due to strength in the
decorating and consumer
packaging businesses

•Q1 ’11 worldwide
industrial/appliance base revenues:
+5.1% vs. Q1 ’10 due to industrial
fastener demand

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ITW
2011 Forecast

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ITW 2011 Forecast
Key Assumptions

•Exchange rates hold at current levels

•Acquired revenues in the $800 million to $1 billion range
for the year

•Restructuring costs of $30 to $40 million for the full year

•Tax rate range of 28.5% to 29.5% for Q2 and full year
(excludes the impact of the Q1 Australian tax case)

•Excludes any potential impact relating to the pending
divestiture of the Finishing business

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ITW Conference Call
Q & A

First Quarter

2011