Illinois Tool Works Expects Annual Profit, Revenue To Rise; Plans To Repurchase $1.5 Bln Of Shares

(RTTNews) - Illinois Tool Works Inc. (ITW), while announcing fourth-quarter results on Thursday said that it expects full-year earnings and revenue to increase from the prior year.

In addition, the maker of industrial products and equipment revealed a plan to repurchase around $1.5 billion of shares in the full year 2024.

The company expects annual net income per share of $10 to $10.40, a year-over-year increase of 5 percent at the mid-point. For the full-year 2023, ITW reported net income per share of $9.74. On average, 18 analysts polled by Thomson Reuters expect the company to register income per share of $10.18, for the year. Analysts' estimates typically exclude special items.

Based on its current demand levels, the company projects an annual revenue growth of 2 percent to 4 percent. For the full year 2023, the equipment maker reported revenue of $16.107 billion.

Analysts, on average, forecast the company to post revenue of $16.52 billion, for the year.