Illinois Tool Works Raises 2016 GAAP EPS Guidance Mid-point - Quick Facts

(RTTNews) - Illinois Tool Works Inc. (ITW) increased its 2016 GAAP EPS guidance range to $5.56 to $5.66, a year-over-year increase of 9% at the mid-point. Consistent with prior guidance the full-year organic growth forecast is 1 to 2% and includes approximately 1 percentage point of Product Line Simplification impact. Analysts polled by Thomson Reuters expect the company to report profit per share of $5.62. Analysts' estimates typically exclude special items.

For the fourth quarter 2016, the company expects GAAP EPS to be in a range of $1.31 to $1.41, an increase of 11% at the mid-point. Organic revenue is forecast to be 0 to 2%. Guidance is based on current foreign exchange rates. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.38.

Illinois Tool Works reported third quarter earnings per share of $1.50, an 8% increase compared to the year-ago period. Currency translation reduced EPS by $0.02 in the quarter. Total revenue was $3.5 billion, an increase of 4%. Organic revenue grew 2% with 1% growth in North America and 3% in International.