Illinois Tool Works Q2: Revenue Miss, Raised FY23 EPS Outlook & More
Portfolio Pulse from Akanksha Bakshi
Illinois Tool Works Inc (ITW) reported Q2 FY23 revenue growth of 1.6% YoY to $4.07 billion, missing the consensus of $4.13 billion. However, the company raised its full-year 2023 GAAP EPS guidance by $0.10 at the midpoint. ITW's shares traded lower by 5.38% at $249.15 on the last check Tuesday.
August 04, 2023 | 9:33 am
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ITW missed Q2 FY23 revenue consensus but raised its full-year 2023 GAAP EPS guidance. Shares traded lower by 5.38%.
ITW's Q2 revenue missed the consensus, which is a negative signal for investors and could lead to a decrease in the stock price. However, the company raised its full-year 2023 GAAP EPS guidance, which is a positive signal. Despite the positive outlook, the stock traded lower, indicating that the market reacted more to the revenue miss than the raised guidance.
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