(RTTNews) - Illinois Tool Works, Inc. (ITW) reported Tuesday that net income for the first quarter increased to $819 million or $2.73 per share from $714 million or $2.33 per share in the year-ago quarter. Excluding items, adjusted net income for the quarter was $2.44 per share.
Operating revenue for the quarter edged down 1 percent to $3.97 billion from $4.02 billion in the same quarter last year, with organic revenue decline of 0.6 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.36 per share on revenues of $4.0 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, the company now projects earnings in a range of $10.30 to $10.70 per share on revenue growth of 2 to 4 percent, with organic revenue growth of 1 to 3 percent.
Previously, the company expected earnings in the range of $10.00 to $10.40 per share on revenue growth of 2 to 4 percent, with organic revenue growth of 1 to 3 percent.
The Street was looking for earnings of $10.14 per share on revenue growth of 2.4 percent to $16.49 billion for the year.
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