Illinois Tool Works, Inc. (ITW) Tops Q1 EPS by 3c; Raises FY Outlook
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Illinois Tool Works, Inc. (NYSE: ITW) reported Q1 EPS of $1.01, $0.03 better than the analyst estimate of $0.98. Revenue for the quarter came in at $3.6 billion versus the consensus estimate of $3.57 billion.
Illinois Tool Works, Inc. raised FY2014 EPS to $4.45-$4.65, versus the consensus of $4.45. The higher $4.55 mid-point represents a 25 percent increase versus 2013. The 15 cents guidance increase at the mid-point is driven by the accelerated share repurchase program as well as continued contributions from enterprise initiatives.
"Underlying our strong first quarter financial results is our ongoing five-year enterprise strategy and related initiatives," said Scott Santi, president and chief executive officer. "Thanks to the worldwide ITW team, we produced operating margins of nearly 19 percent, grew our EPS 15 percent and expanded adjusted after-tax ROIC to more than 17 percent in the quarter. Finally, we continued to focus on capital allocation during the quarter by returning significant amounts of free cash to our investors in the form of accelerated share repurchase and consistent dividend payout."
For earnings history and earnings-related data on Illinois Tool Works, Inc. (ITW) click here.
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