UPDATE: Illinois Tool Works (ITW) Tops Q1 EPS by 9c; Raises Outlook

Illinois Tool Works (NYSE: ITW) reported Q1 EPS of $1.54, $0.09 better than the analyst estimate of $1.45. Revenue for the quarter came in at $3.47 billion versus the consensus estimate of $3.4 billion.

• GAAP EPS of $1.54, an increase of 19%
• Total revenue of $3.5 billion, an increase of 6.0%; organic growth of 3.5%
• Operating margin of 23.3%, an increase of 120 bps and an all-time record for the company
• Company now expects 2017 earnings to be in the range of $6.20 to $6.40 per share, up from prior guidance of $6.00 to $6.20 per share, with organic growth of 2 to 4% (*** consensus is $6.18).
• For the second quarter 2017, the company expects earnings to be in the range of $1.55 to $1.65 per share with organic growth of 2 to 4% (*** consensus is $1.59).

“Our record results in the first quarter reflect strong execution across the company and further progress in our efforts to leverage ITW’s highly differentiated and proprietary business model to drive solid growth with best-in-class margins and returns,” said E. Scott Santi, Chairman and Chief Executive Officer. “We are off to a strong start in 2017 and the company is well-positioned to deliver continued progress and differentiated performance through the balance of 2017 and beyond.”

For earnings history and earnings-related data on Illinois Tool Works (ITW) click here.

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