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Illinois Tool Works Narrows 2018 EPS View

Illinois Tool Works Inc. (ITW) said that it narrowed its Full-year 2018 earnings per share guidance to a range of $7.55 to $7.65 per share, or 15 percent growth at the mid-point, with revenue up three to four percent, and organic growth of two to three percent. Prior year GAAP earnings per share of $4.86 included a $1.90 per share impact from tax reform and a $0.17 per share impact from the legal settlement. Excluding these two items, 2017 adjusted earnings per share was $6.59 per share.

Analysts polled by Thomson Reuters expect the company to report earnings of $7.62 per share for 2018. Analysts' estimates typically exclude special items.

The company expects to repurchase approximately $2.0 billion of its own shares in 2018.

For the fourth quarter 2018, the company expects GAAP earnings per share of $1.78 to $1.88, with revenue essentially flat as the impact of foreign currency translation, at current exchange rates, is expected to offset organic growth of one to two percent based on current levels of demand. Prior year GAAP loss of $0.22 included a $1.92 per share impact from tax reform. Excluding this item, adjusted earnings per share was $1.70 per share. Analysts project fourth-quarter earnings of $1.86 per share.

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