Illinois Tool Works Q2 Profit Tops Estimates; Raises 2015 EPS Guidance

(RTTNews) - Illinois Tool Works Inc. (ITW) reported second-quarter income from continuing operations of $480 million compared to $494 million, prior year. Income per share from continuing operations was $1.30 compared to $1.21.

On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $1.28 for the quarter. Analysts' estimates typically exclude special items.

Operating revenues were $3.43 billion compared to $3.72 billion, a year ago. Analysts expected revenue of $3.45 billion for the quarter. Organic revenue growth was up slightly in the quarter.

Illinois Tool Works said the company is raising 2015 full-year EPS guidance by $0.05 at the midpoint to reflect second quarter results and current exchange rates. The updated EPS range is $5.07 to $5.23, an increase of 10 percent at the $5.15 midpoint. Excluding the negative currency impact, full-year EPS would be up 18 percent at the midpoint. Organic revenue growth for the year is projected to be approximately 1 percent. Analysts expect the company to report fiscal 2015 earnings per share of $5.13.

For the third quarter 2015, the company expects EPS to be in a range of $1.32 to $1.40. Third quarter organic revenue is forecast to be flat to up 1 percent. Analysts expect the company to report third-quarter earnings per share of $1.37.