Illinois Tool Works Q2 Earnings Top Estimates; Trims FY24 Outlook

(RTTNews) - Illinois Tool Works, Inc. (ITW) reported Tuesday that net income for the first quarter increased to $759 million or $2.54 per share from $754 million or $2.48 per share in the year-ago quarter.

Operating revenue for the quarter edged down 1.2 percent to $4.03 billion from $4.07 billion in the same quarter last year, with flat organic revenues.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.48 per share on revenues of $4.08 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects earnings in a range of $10.30 to $10.40 per share on flat revenue growth and organic revenue growth.

Previously, the company expected earnings in the range of $10.30 to $10.70 per share on revenue growth of 2 to 4 percent, with organic revenue growth of 1 to 3 percent.

The Street was looking for earnings of $10.35 per share on revenue growth of 1.3 percent to $16.31 billion for the year.

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