Illinois Tool Works Q1 Profit Declines; Cuts FY15 Earnings View - Quick Facts

(RTTNews) - Illinois Tool Works Inc. (ITW) reported first-quarter net income of $458 million, down from $473 million in the year-ago quarter, while earnings rose to $1.21 per share from $1.11 per share in the comparable quarter last year.

Income from continuing operations were $458 million or $1.21 per share, compared to $428 million or $1.01 per share in the prior year. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $1.17 for the quarter. Analysts' estimates typically exclude special items.

Operating revenue decreased to $3.34 billion from $3.57 billion last year, while 15 analysts expected revenue of $3.47 billion for the quarter.

Looking ahead to the second quarter 2015, the company forecasts earnings to be in a range of $1.22 to $1.30 per share and organic revenue growth to be 1 to 2 percent. Analysts currently expect the company to report second-quarter earnings per share of $1.36.

ITW lowered its 2015 earnings per share guidance to a range of $5.00 to $5.20 from its prior range of $5.15 to $5.35 per share. Analysts now expect the company to report full year 2015 earnings per share of $5.21.

Organic revenue growth for the year is projected to be 1 to 2 percent, down slightly from the previous forecast due to a more challenging capital spending environment.