ITW - Illinois Tool Works Non-GAAP EPS of $2.41 in-line revenue of $4.1B misses by $30M
2023-08-01 08:09:14 ET
- Illinois Tool Works press release ( NYSE: ITW ): Q2 Non-GAAP EPS of $2.41 in-line.
- Revenue of $4.1B (+2.5% Y/Y) misses by $30M .
- ITW is raising its full-year GAAP EPS guidance by $0.10 to $9.55 to $9.95 per share vs. consensus of $9.68. The company is projecting organic growth of three to five percent based on first half 2023 performance and current levels of demand. Divestitures are expected to reduce revenue by one percent resulting in total revenue growth of two to four percent. Operating margin is projected to be in the range of 24.5 to 25.5 percent, with enterprise initiatives contributing more than 100 basis points. 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. The expected tax rate is in the range of 22.5 to 23.5 percent.
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Illinois Tool Works Non-GAAP EPS of $2.41 in-line, revenue of $4.1B misses by $30M