Illinois Tool Works Q3 Results Top Estimates; Lifts FY22 View Above Market

(RTTNews) - Illinois Tool Works Inc. (ITW) reported Tuesday that its third-quarter net income increased to $727 million from last year's $639 million.

Earnings per share grew 16 percent to $2.35 from $2.02 a year ago.

Third-quarter operating revenue increased 13 percent to $4.01 billion from $3.56 billion last year. Organic revenue growth was 16 percent.

On average, analysts polled by Thomson Reuters expected earnings of $2.25 per share for the quarter on revenues of $3.89 billion. Analysts' estimates typically exclude special items.

Looking ahead for fiscal 2022, the company now expects earnings to be $9.45 to $9.55 per share, revenue growth of 9 to 10 percent and organic revenue growth of 11 percent to 12 percent.

The company previously expected earnings per share of $9.00 to $9.40, revenue growth in the range of 6 percent to 9 percent, and organic growth of 7 percent to 10 percent.

Analysts expect earnings of $9.05 per share for the year.

For the full year, operating margin is now projected to be approximately 24 percent, while previous estimate was in the range of 24 to 25 percent.

In pre-market activity on the NYSE, Illinois Tool Works shares were gaining around 2.1 percent to trade at $205.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com