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Illinois Tool Works beats earnings expectations, raises outlook and looks to buy back $1 billion worth of stock

Illinois Tool Works Inc. (ITW) reported Friday profit and revenue that topped forecasts, boosted its full-year outlook and said it plans to buy back $1 billion of its stock this year. The multi-industry manufacturer's stock was still inactive in premarket trading. Net income rose to $671 million, or $2.11 a share, from $566 million, or $1.77 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.90. Revenue grew 9.8% to $3.54 billion, beating the FactSet consensus of $3.44 billion. "We saw continued improvement in the demand environment across a broad cross section of our business portfolio in the first quarter and our teams around the world responded," said Chief Executive E. Scott Santi. For 2021, the company raised its full-year EPS guidance range to $8.20 to $8.60 from $7.60 to $8.00, and said it expects revenue growth of 12% to 14% while the FactSet revenue consensus of $14.00 billion implies 11.3% growth. The stock, which closed at a record $230.77 on Thursday, has run up 18.8% over the past three months, while the S&P 500 has gained 13.4%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

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04-30-21 0822ET

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