ITW - Illinois Tool Works tops Q4 estimates but automotive sales slide 16%
Illinois Tool Works (NYSE:ITW) flat pre-market after Q4 earnings fell from a year earlier but topped analyst expectations while FY 2022 sales guidance exceeds consensus. The company posted Q4 net income of $609M, compared with $642M in the year-ago quarter, and operating revenue rose 6% to $3.68B from $3.48B but costs climbed 10% to $2.19B. Q4 operating revenues by segment: Automotive -16.2% Y/Y to $663M, test & measurement and electronics revenue +19.2% to $636M, food equipment +20.9% to $569M, construction products $480M, specialty products +6.4% to $467M, polymers & fluids +2.2% to $447M, welding +14.7% to $422M. Illinois Tool said the automotive OEM segment "continued to be impacted by limitations on auto production due to component supply shortages." The company initiated FY 2022 GAAP EPS guidance of $8.90-$9.30, a 10%-15% increase and in line with $9.09 analyst consensus estimate, and full-year revenue growth of 7.5%-10.5%, translated to $15.54B-$15.97B, above $15.42B
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Illinois Tool Works tops Q4 estimates but automotive sales slide 16%