Illinois Tool Works Boosts FY22 EPS Outlook As Q2 EPS Tops Estimates

RTTNews | 731 days ago
Stocktwits
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

Tags: ITW
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Illinois Tool Works Q1 Earnings Top Estimates; Boosts FY24 EPS Outlook

Illinois Tool Works Q1 Earnings Top Estimates; Boosts FY24 EPS Outlook

Illinois Tool Works, Inc. (ITW) reported Tuesday that net income for the first quarter increased to $819 million or $2.73 per share from $714 million or $2.33 per share in the year-ago quarter. Excluding items, adjusted net income for the quarter was $2.44 per share.
RTTNews | 458 days ago
U.S. Construction Spending Unexpectedly Sees Further Downside In June

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The Commerce Department released a report on Friday unexpectedly showing a continued decrease by U.S. construction spending in the month of June. The report said construction spending fell by 0.4 percent to an annual rate of $2.136 trillion in June after sliding by 0.5 percent to a revised rate of $2.144 trillion in May.
RTTNews | 3h 13min ago
U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July

U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July

Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved marginally less than previously estimated in the month of July. The University of Michigan said its consumer sentiment index for July was downwardly revised to 61.7 from a preliminary reading of 61.8. Economists had expected the index to be upwardly revised to 62.0.
RTTNews | 3h 17min ago
U.S. Manufacturing Index Unexpectedly Dips To Nine-Month Low In July

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Manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of July, according to a report released by the Institute for Supply Management on Friday. The ISM said its manufacturing PMI edged down to 48.0 in July after inching up to 49.0 in June with a reading below 50 indicating contraction.
RTTNews | 3h 19min ago
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