Illinois Tool Works Boosts FY22 EPS Outlook As Q2 EPS Tops Estimates
(RTTNews) - While reporting financial results for the second quarter on Tuesday, Illinois Tool Works, Inc. (ITW) raised earnings guidance for the full-year 2023, while maintaining annual revenue and organic revenue growth outlook.
For fiscal 2023, the company now projects earnings in the range of $9.55 to $9.95 per share on revenue growth of 2 to 4 percent, with organic revenue growth of 3 to 5 percent.
Previously, the company expected earnings in the range of $9.45 to $9.85 per share on revenue growth of 2 to 4 percent, with organic revenue growth of 3 to 5 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $9.66 per share on revenue growth of 2.9 percent to $16.40 billion for the year. Analysts' estimates typically exclude special items.
For the second quarter, net income increased to $754 million or $2.48 per share from $738 million or $2.37 per share in the year-ago quarter. Operating revenue for the quarter grew 1.6 percent to $4.07 billion from $4.01 billion in the same quarter last year, with organic revenue growth of 3.0 percent.
The Street was looking for earnings of $2.39 per share on revenue of $4.13 billion for the quarter.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Illinois Tool Works Q2 Earnings Top Estimates; Trims FY24 Outlook
Illinois Tool Works Q1 Earnings Top Estimates; Boosts FY24 EPS Outlook
Llinois Tool Works Q3 Earnings Top Estimates; Narrows FY23 EPS Outlook Range
Continued Consolidation Called For Hong Kong Shares
Australian Market Modestly Lower
Rally May Stall For China Stock Market
Japan Producer Prices Add 0.3% On Month In September
