Illinois Tool Works Q2 Net Profit Spikes - Quick Facts

(RTTNews) - Industrial equipment maker Illinois Tool Works Inc.'s (ITW) second-quarter 2014 net income surged to $1.49 billion, or $3.66 per share, from $465 million, or $1.03 per share, last year. The firm reported earnings per share from continuing operations of $1.21, 32 percent higher than the year-ago period, largely due to ongoing contributions from enterprise initiatives as well as the completion of an earlier announced share buyback program.

On average, eighteen analysts polled by Thomson Reuters expected the company to earn $1.20 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter grew 4 percent to $3.7 billion and operating income increased 21 percent to $763 million. Organic revenues were up 1.4 percent, with international growth of 2 percent. Fifteen analysts projected quarterly revenues of $3.75 billion.