Illinois Tool Works Narrows FY2023 GAAP EPS Guidance From $9.55-$9.95 To $9.65-$9.85 Vs $9.73 Est
Portfolio Pulse from Benzinga Newsdesk
Illinois Tool Works (ITW) has revised its FY2023 GAAP EPS guidance from a range of $9.55-$9.95 to $9.65-$9.85 per share. This includes a $0.12 per share adjustment due to the estimated Q4 impact of ongoing automotive industry labor actions. The company projects total revenue growth of 1-2% and organic growth of 2-3%. Divestitures and foreign currency translation are expected to reduce revenue by 1%. ITW plans to repurchase approximately $1.5 billion of its own shares.
October 24, 2023 | 12:03 pm
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NEUTRAL IMPACT
ITW has revised its FY2023 GAAP EPS guidance, factoring in the impact of ongoing automotive industry labor actions. The company also plans to repurchase $1.5 billion of its own shares, which could potentially boost its stock price.
The revision in ITW's FY2023 GAAP EPS guidance is due to the ongoing labor actions in the automotive industry, which could potentially impact the company's earnings. However, the company's plan to repurchase $1.5 billion of its own shares could provide a boost to its stock price. The overall impact on the stock price in the short term is uncertain, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100