Illinois Tool Works Raises Full Year Guidance

(RTTNews) - Illinois Tool Works Inc. (ITW) said the company is raising its full-year organic growth guidance to seven to 10 percent and full-year revenue growth guidance to 8.5 to 11.5 percent. The acquisition of MTS is expected to add three percent to revenue. The company also raised its full-year GAAP EPS guidance to $9.00 to $9.40 per share, an increase of 11 to 16 percent from prior year excluding the impact of favorable one-time tax items in 2021.

First quarter net income was $662 million, or $2.11 per share compared with $671 million, or $2.11 per share, last year. The company's revenue for the quarter rose 11.3% to $3.94 billion from $3.54 billion last year.