ITW Delivers Strong Q3 Financial Results & Raises Earnings Guidance For 2017 -

ITW Delivers Strong Q3 Financial Results & Raises Earnings Guidance For 2017

Oct 23, 2017Jeremy ParkinsonFinance0

Illinois Tool Works Inc. (NYSE:ITW) today strong Q3 financial results and raised its earnings guidance for 2017. ITW is a Fortune 200 global multi-industrial manufacturing leader with revenues totaling $13.6 billion in 2016. ITW has more than 50,000 colleagues in operations around the world who thrive in the company’s unique, decentralized and entrepreneurial culture.

Third-Quarter Highlights:

GAAP EPS: UP 14% to $1.71 which excludes a $0.14 benefit from a favorable legal settlement;

Total revenue: UP 4% to $3.6 billion;

Operating margin: UP 130 bps to 24.4% excluding the 220 bps benefit from the legal settlement

Full-Year and Fourth Quarter 2017 Guidance

The company expects:

Full-year organic revenue growth of 2 to 3%;

Operating margin of approximately 24.5% and

GAAP EPS of $6.62 to $6.72, an increase of $0.25 at the mid-point

For the fourth quarter 2017, the company expects GAAP EPS to be in the range
of $1.55 to $1.65 and organic growth of 2 to 3%.

Scott Santi, Chairman and Chief Executive Officer said:

“I continue to be very pleased with our progress in positioning the company to leverage ITW’s differentiated business model and high quality diversified business portfolio to deliver consistent top tier performance.”