Illinois Tool Works Sees Higher EPS in 2023
01 Août 2023 - 3:11PM
Dow Jones News
By Sabela Ojea
Illinois Tool Works raised its earnings-per-share guidance for
the year, as it expects further organic growth amid current demand
levels while customers' supply chain issues stabilize.
The Glenview, Ill.-based industrial products and equipment
manufacturer increased its EPS guidance by 10 cents to $9.55 to
$9.95 on views for organic growth of 3 to 5%.
Divestitures, on the other hand, continue to be expected to cut
revenue by 1%, resulting in revenue growth of 2% to 4% in 2023.
"While customer and channel inventory normalization will
continue to be a factor for the next several quarters, we expect
stable underlying demand and continued strong margin and
profitability performance through the balance of the year," Chief
Executive E. Scott Santi said.
Shares fell 0.5% to $262 in pre-market trading.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
August 01, 2023 08:56 ET (12:56 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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