Illinois Tool Works Q3 Profit Rises; Lifts FY14 Earnings Guidance

(RTTNews) - Industrial equipment maker Illinois Tool Works Inc. (ITW) posted third-quarter net income of $531 million, or $1.34 per share, compared to $452 million, or $1.01 per share, in the comparable quarter last year.

The firm reported earnings from continuing operations of $507 million or $1.28 per share, up from $406 million or $0.90 per share in the year-ago period. On average, eighteen analysts polled by Thomson Reuters expected the company to earn $1.23 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter grew 3.5 percent to $3.69 billion from $3.57 billion in the year-ago period. Organic revenues were up 3.5 percent, with North American and international growth of 4 percent and 3 percent, respectively. Sixteen analysts projected quarterly revenues of $3.68 billion.

Looking ahead to the fourth quarter, the company is forecasting earnings to be in a range of $1.07 to $1.15 per share, on 2 to 3 percent organic revenue growth. Total revenue growth in the fourth quarter is projected to be flat due to currency translation effects. Analysts currently expect fourth quarter earnings of $1.13 per share on revenues of $3.64 billion.

For full-year 2014, the company said it is raising its earnings guidance to a range of $4.57 to $4.65 per share, from its prior range of $4.50 to $4.62 per share. Analysts now expect full-year 2014 earnings of $4.58 per share.