logo
Share SHARE
FONT-SIZE Plus   Neg

Illinois Tool Works Q1 Profit Down; Lifts FY12 EPS View - Quick Facts

Illinois Tool Works Inc. (ITW) reported that its first-quarter net income declined to $486 million or $1.00 per share, from $623 million or $1.24 per share in the same quarter last year.

The company reported first quarter 2012 income per share from continuing operations of $0.97. Excluding a one-time tax benefit of $0.33 associated with an Australian tax matter in the 2011 first quarter, income per share from continuing operations in the 2012 first quarter increased 10.2 percent versus the year-ago period.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude special items.

Operating revenues for the quarter rose to $4.55 billion from $4.27 billion in the prior year quarter. Sixteen analysts had consensus revenue estimate of $4.60 billion for the quarter.

For the 2012 second quarter, the company forecasts income per share from continuing operations to be in the range of $1.08 to $1.16 and total revenue growth range of 3.5 percent to 6.0 percent. Analysts expect the company to report earnings of $1.08 per share on revenues of $4.92 billion for the second-quarter.

The company said it raised its 2012 full-year income per share from continuing operations forecast, due to better-than-expected first quarter results and share repurchase activity.

The company now expects full-year income per share from continuing operations to be in the range of $4.14 to $4.38 versus the prior forecasted range of $4.02 to $4.26.

Full-year revenue growth is now expected to be in a range of 5.0 percent to 7.0 percent. Previously, Total revenue growth was expected in the range of 5 to 8 percent.

Analysts expect the company to report earnings of $4.15 per share on revenues of $19.04 billion for fiscal 2012.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Taco Bell, a division of Yum! Brands Inc, is planning to test delivery of food items on college campuses, the Street reported. The move comes at a time the fast food chain seeks to leverage demand for its popular breakfast and dinner items. In an unusual incident, an Airbus operated by Singapore Airlines temporarily lost power on both its Rolls Royce engines during a flight and plunged almost 13,000 feet or 3.96 kilometers. However, pilots managed to save the Airbus through standard operational procedures and it continued on its routine path. Hormel Foods has agreed to buy organic meat products maker Applegate Farms LLC for about $775 million, as consumers increasingly use natural and organic foods in their diet.
comments powered by Disqus
RELATED NEWS
Trade ITW now with 
Follow RTT