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.

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