Illinois Tool Works Posts Higher 1Q Sales
By Will Feuer
Illinois Tool Works Inc. posted higher sales in the first quarter, though Chief Executive E. Scott Santi said the near-term outlook is uncertain.
The Glenview, Ill.-based industrial products and equipment manufacturer reported a first-quarter profit of $714 million, or $2.33 a share, compared with $662 million, or $2.11 a share, a year earlier. Analysts surveyed by FactSet were looking for earnings of $2.23 a share.
Revenue rose 2%, to $4.02 billion. Analysts were expecting revenue of $3.98 billion, according to FactSet.
"While the near-term economic outlook continues to be uncertain, I am confident that ITW remains well positioned to deliver best-in-class performance in any environment," Mr. Santi said.
The business generated $615 million in free cash flow, which fell shy of the $642.3 million that analysts were looking for, according to FactSet.
Shares fell 3.2% in premarket trading.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
May 02, 2023 08:28 ET (12:28 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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