Illinois Tool Works Q4 Profit Surges; Beats Estimates; Projects 3-5% Growth For FY23

(RTTNews) - Illinois Tool Works Inc. (ITW) Thursday announced a surge in fourth-quarter earnings compared to the prior year. Revenues were up 10 percent. Further, the company provided earnings outlook for the full year 2023 and expects organic growth of 3-5 percent.

The fourth quarter earnings were $907 million, up from $609 million last year. On a per-share basis, earnings were $2.95 compared to $1.93 a year ago. On an adjusted basis, earnings were $2.34 per share.

On average, 19 analysts polled by Thomson Reuters expected the company to earn $2.58 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased to $3.971 billion from $3.679 billion last year. Wall Street was looking for $3.89 billion.

Looking ahead to the full year 2023, the company provided earnings guidance in a range of $9.40-$9.80 per share. On an organic basis, growth is projected to increased by 3-5 percent.

Analysts project earnings of $9.33 per share in a range of $8.84-$10.75 per share.