Illinois Tool Works Boosts FY21 Outlook - Quick Facts

(RTTNews) - While reporting financial results for the first quarter on Friday, Illinois Tool Works, Inc. (ITW) raised its earnings, revenue and organic revenue guidance for the full-year 2021, based on demand rates exiting the first quarter.

For fiscal 2021, the company now projects earnings in the range of $8.20 to $8.60 per share on revenue growth of 12 to 14 percent, with organic revenue growth of 10 to 12 percent.

Previously, the company expected earnings in the range of $7.60 to $8.00 per share on revenue growth of 9 to 12 percent, with organic revenue growth of 7 to 10 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $7.96 per share on revenue growth of 11.5 percent to $14.02 billion for the year. Analysts' estimates typically exclude special items.

The company also said it plans to repurchase approximately $1 billion of its shares.