Illinois Tool Works Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the fourth quarter, the company reported operating revenues of $3,504 million compared to $3,554 million a year ago. Operating income was $686 million compared to $628 million a year ago. Income from continuing operations before income taxes were $657 million compared to $573 million a year ago. Income from continuing operations were $461 million or $1.18 per diluted share compared to $407 million or $0.92 per diluted share a year ago. Net income was $450 million or $1.16 per diluted share compared to $408 million or $0.93 per diluted share a year ago. Net cash provided by operating activities were $458 million compared to $708 million a year ago. Adjusted net income was $450 million. Free operating cash flow for the quarter was $369 million compared to $597 million a year ago.

For the full year, the company reported operating revenues of $14,484 million compared to $14,135 million a year ago. Operating income was $2,888 million compared to $2,514 million a year ago. Income from continuing operations before income taxes were $2,699 million compared to $2,347 million a year ago. Income from continuing operations were $1,890 million or $4.67 per diluted share compared to $1,630 million or $3.63 per diluted share a year ago. Net income was $2,946 million or $7.28 per diluted share compared to $1,679 million or $3.74 per diluted share a year ago. Net cash provided by operating activities were $1,616 million compared to $2,528 million a year ago. Adjusted net income was $1,798 million. Free operating cash flow for the quarter was $1,255 million compared to $2,160 million a year ago.

The company confirmed its 2015 full-year EPS guidance range of $5.15 to $5.35, which is $5.25 at the midpoint, a 12% increase. Organic revenue growth for the year is expected to be 2.5 to 3.5%. Total revenue for the year is projected to decline 1 to 2% due to the impact of foreign currency translation.

For the first quarter 2015, the company is forecasted EPS to be in a range of $1.13 to $1.21, which is $1.17 at the midpoint, a 16% increase. In the first quarter, the Company expects 2 to 3% organic revenue growth and total revenue to decline 2 to 3% due to the impact of currency translation.