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

Editors Pick
Major League Baseball is talking expansion for the first time in a few decades. Owners stand to make a pretty penny from expansion fees and subsequent television rights. The possibility of a more balanced schedule is also enticing. Strong expansion candidates in the U.S. and Canada are ready... The New York Times is teaming up with Google again to give away Google Cardboard, the virtual reality headsets, but this time only to its "most loyal" digital subscribers. The company said that the digital-only subscribers selected for this distribution were chosen based on the duration of their subscriptions. Oil company Exxon Mobil Corp. on Friday reported a 63 percent fall in profit for the first quarter from last year, while Chevron Corp. reported a loss for the quarter, both on lower revenues. The results were impacted by the fall in crude oil prices and weaker refining margins. However, Exxon Mobil's earnings beat analysts' estimates, while Chevron's loss was wider than their expectations.
comments powered by Disqus
Follow RTT