ITW - Illinois Tool Works beats Q1 top and bottom line estimates; updates FY23 outlook

2023-05-02 08:03:24 ET

• Illinois Tool Works Inc. press release ( NYSE: ITW ): Q1 GAAP EPS of $2.33 beats by $0.11 .
• Revenue of $4B (+2.6% Y/Y) beats by $20M, with organic growth of 5%.
• Operating margin of 24.2%, an increase of 150 bps.
• Raising full year GAAP EPS guidance by $0.05 to a range of $9.45 to $9.85 per share vs. consensus of $9.60.
• Foreign currency translation impact and divestitures combined are expected to reduce revenue by one percent, resulting in total revenue growth of two to four percent. This compares to previous guidance of 1.5 to 3.5 percent  vs.  estimated growth of 2.51% Y/Y. Operating margin is projected to be in the range of 24.5 to 25.5 percent, with approximately 100 basis points contribution from enterprise initiatives. Free cash flow is projected to be greater than 100 percent of net income and the company plans to repurchase approximately $1.5 billion of its own shares.

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