Illinois Tool Works Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the fourth quarter, the company reported operating revenues of $3,275 million compared to $3,504 million a year ago. Operating income was $679 million compared to $679 million a year ago. Income from continuing operations before income taxes were $634 million compared to $657 million a year ago. Income from continuing operations were $450 million or $1.23 per diluted share compared to $461 million or $1.18 per diluted share a year ago. Net income was $450 million or $1.23 per diluted share compared to $450 million or $1.16 per diluted share a year ago. Net cash provided by operating activities were $703 million compared to $458 million a year ago. Adjusted operating income after taxes was $483 million compared to $480 million a year ago.

For the full year, the company reported operating revenues of $13,405 million compared to $14,484 million a year ago. Operating income was $2,867 million compared to $2,888 million a year ago. Income from continuing operations before income taxes were $2,719 million compared to $2,699 million a year ago. Income from continuing operations were $1,899 million or $5.13 per diluted share compared to $1,890 million or $4.67 per diluted share a year ago. Net income was $1,899 million or $5.13 per diluted share compared to $2,946 million or $7.28 per diluted share a year ago. Net cash provided by operating activities were $2,299 million compared to $1,616 million a year ago. Adjusted operating income after taxes was $2,003 million compared to $2,022 million a year ago.

The company is reaffirming its 2016 full-year EPS guidance of $5.35 to $5.55, which is a year-over-year increase of 6% at the midpoint. Organic revenue for the year is projected to be up 1% to 3%, which is in-line with current demand levels. Operating margin is projected to be approximately 22.5%, an increase of more than 100 basis points year-over-year. The acquisition is slightly accretive to EPS in the first 12 months, and based on the expected closing date, the company expects very little EPS impact in 2016 with accelerating benefits into 2017 and beyond. The company expects tax rate to be in range of 30% to 31%, including in the first quarter.

For the first quarter 2016, the company expects EPS to be in a range of $1.20 to $1.30 and operating margin to be approximately 21.5%. Organic revenue is forecast to be flat to up 2%.