Illinois Tool Works: 2Q Earnings Snapshot
GLENVIEW, Ill. (AP) _ Illinois Tool Works Inc. (ITW) on Friday reported second-quarter net income of $623 million.
On a per-share basis, the Glenview, Illinois-based company said it had profit of $1.91. Earnings, adjusted for non-recurring costs and restructuring costs, came to $2 per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.97 per share.
The equipment manufacturer for the transportation, power, food and construction industries posted revenue of $3.61 billion in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $3.74 billion.
Illinois Tool Works expects full-year earnings to be $7.55 to $7.85 per share.
Illinois Tool Works shares have climbed 25% since the beginning of the year, while the Standard & Poor’s 500 index has risen 20%. The stock has climbed 15% in the last 12 months.