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Llinois Tool Works Q3 Earnings Top Estimates; Narrows FY23 EPS Outlook Range
(RTTNews) - Illinois Tool Works, Inc. (ITW) reported Tuesday that net income for the third quarter increased to $772 million or $2.55 per share from $727 million or $2.35 per share in the year-ago quarter.
Operating revenue for the quarter edged up 0.5 percent to $4.03 billion from $4.01 billion in the same quarter last year, with organic revenue growth of 0.2 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.46 per share on revenues of $4.09 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, the company now projects earnings in a range of $9.65 to $9.85 per share on revenue growth of 1 to 2 percent, with organic revenue growth of 2 to 3 percent.
Previously, the company expected 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.
The Street was looking for earnings of $9.75 per share on revenue growth of 2.1 percent to $16.27 billion for the year.
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