Illinois Tool Works Lifts Annual Earnings Outlook, Plans To Repurchase Around $1.5 Bln Shares

(RTTNews) - Illinois Tool Works Inc. (ITW) on Wednesday revised up its annual earnings guidance above analysts' forecast, while reporting third quarter earnings results. Further, the company said it is planning to repurchase around $1.5 billion of shares.

Coming to annual outlook, ITW, said: "ITW is incorporating the impact of the divestiture gain and a lower projected effective tax rate for the full year of approximately 21.5 percent into its 2024 guidance."

For the full year, the company now expects net income per share of $11.63 to $11.73 per share, higher than prior expectation of $10.30 to $10.40 per share.

On average, 20-analysts polled by Thomson Reuters expect the firm to earn $10.29 per share, for the year. Analysts' estimates typically exclude special items.

Based on current demand and foreign currency exchange rates, ITW has reaffirmed its annual revenue outlook and still expects its revenue and organic growth to remain around flat.

ITW was trading up by 2.71 percent at $262.99 in the pre-market trade on the New York Stock Exchange.