Illinois Tool Works (ITW) Tops Q2 EPS by 6c, narrows guidance

Illinois Tool Works (NYSE: ITW) reported Q2 EPS of $2.54, $0.06 better than the analyst estimate of $2.48. Revenue for the quarter came in at $4 billion versus the consensus estimate of $4.08 billion.

GUIDANCE:

Illinois Tool Works sees FY2024 EPS of $10.30-$10.40, versus the consensus of $10.20.
Based on current levels of demand and foreign currency exchange rates exiting the second quarter, the company is projecting revenue growth and organic growth to be approximately flat for 2024. ITW is raising its operating margin guidance from 26 to 27 percent to a narrower range of 26.5 to 27 percent, an increase of 165 bps at the midpoint with enterprise initiatives projected to contribute more than 100 basis points. Free cash flow is expected to exceed 100 percent of net income and the company plans to repurchase approximately $1.5 billion of its own shares. The projected effective tax rate remains unchanged in the range of 24 to 24.5 percent.

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

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