Illinois Tool Works Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the fourth quarter, the company reported operating revenues of $3,554 million compared to $3,484 million a year ago. Operating income was $628 million compared to $524 million a year ago. Income from continuing operations before income taxes were $573 million compared to $1,376 million a year ago. Income from continuing operations were $407 million or $0.92 per diluted share compared to $921 million or $1.99 per diluted share a year ago. Net income was $408 million or $0.93 per diluted share compared to $979 million or $2.11 per diluted share a year ago. Net cash provided by operating activities were $708 million compared to $605 million a year ago. Adjusted operating income was $628 million compared to $512 million a year ago. Adjusted operating income after taxes was $446 million compared to $356 million a year ago. Free operating cash flow for the quarter was $597 million or 147% of net income.

For the full year, the company reported operating revenues of $14,135 million compared to $14,791 million a year ago. Operating income was $2,514 million compared to $2,475 million a year ago. Income from continuing operations before income taxes were $2,347 million compared to $3,206 million a year ago. Income from continuing operations were $1,630 million or $3.63 per diluted share compared to $2,233 million or $4.72 per diluted share a year ago. Net income was $1,679 million or $3.74 per diluted share compared to $2,870 million or $6.06 per diluted share a year ago. Net cash provided by operating activities were $2,528 million compared to $2,072 million a year ago. Adjusted operating income was $2,514 million compared to $2,332 million a year ago. Adjusted operating income after taxes was $1,790 million compared to $1,651 million a year ago. Free cash flow for the year was $2.2 billion, 129% of net income.

For the first quarter, the company is forecasting EPS to be in a range of $0.93 to $1.01 and expects total revenue growth in a range of 3% to 6%.

For the year, the company continues to expect EPS to be in a range of $4.30 to $4.50. This EPS range assumes total revenue growth range of 2% to 4% and organic growth of 2% to 3%. The company expects operating margins of approximately 19% for the year.