Illinois Tool Works Raises 2023 GAAP EPS Guidance

(RTTNews) - Illinois Tool Works Inc. (ITW) said the company is raising full-year GAAP EPS guidance to $9.45 to $9.85 per share. This is compared to previous guidance of $9.40 to $9.80 per share. The company said the organic growth projection of three to five percent reflects current levels of demand and a risk adjustment for further slowing in certain end markets. This is compared to previous guidance of 1.5 to 3.5 percent.

First quarter earnings came in at $714 million, or $2.33 per share compared with $662 million, or $2.11 per share, prior year. Analysts on average had expected the company to earn $2.23 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 2.0% to $4.02 billion from $3.94 billion last year. Organic growth was 5%, for the quarter.

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