Illinois Tool Works raises 2024 profit forecast [Reuters]
Illinois Tool Works Inc. (ITW)
Last illinois tool works inc. earnings: 1/31 08:00 am
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Source: Reuters
By Reuters April 30 (Reuters) - Illinois Tool Works raised its annual profit forecast on Tuesday and beat market estimates for first-quarter profit, even as revenue dropped 1%. Elevated loan expenses have constrained business spending, dulling the impact of steady demand from the automotive industry for the Illinois-based company's fasteners and other components used to make vehicles. "Looking ahead, we expect current levels of demand across our end markets and favorable year-over-year comparisons will translate to positive organic growth through the balance of the year," CEO Christopher O'Herlihy said. Excluding a $117 million benefit from a one-time accounting change, its operating margin improved 120 basis points to 25.4% "as enterprise initiatives contributed 140 basis points", the company said. Illinois Tool Works now expects adjusted profit per share in the range of $10.30 to $10.70, compared with its previous forecast of $10 to $10.40. Its quarterly adjusted prof
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ITW
Earnings
- 4/30/24 - Beat
ITW
Sec Filings
- 5/16/24 - Form 424B5
- 5/14/24 - Form FWP
- 5/14/24 - Form 424B5
- ITW's page on the SEC website