By Matt Grossman
Illinois Tool Works Inc. on Friday posted a larger profit and growing revenue year over year as demand recovered across the company's business lines.
The Glenview, Ill.-based manufacturing company posted net income of $2.11 a share, compared with $1.78 a share in the same three-month period a year earlier. Analysts polled by FactSet were expecting a profit of $1.88 a share.
Total net income rose to $671 million, from $566 million in last year's first quarter.
Illinois Tool Works' first-quarter revenue climbed to $3.54 billion, from $3.23 billion in the year-ago quarter. Analysts were forecasting revenue of $3.44 billion.
On an organic basis, construction products represented Illinois Tool Works' fastest-growing segment, with revenue expanding 13% organically year over year. The company's segments for test, measurement and electronics; polymers and fluids; automotive; specialty products and welding all recorded year-over-year organic sales growth as well.
Food-equipment sales were down by 10% organically year over year, but demand trends improved compared with the fourth quarter, Illinois Tool Works said.
Write to Matt Grossman at firstname.lastname@example.org
(END) Dow Jones Newswires
April 30, 2021 08:29 ET (12:29 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.