Why Manufacturing Company Illinois Tool Works Shares Are Down Today
Portfolio Pulse from Lekha Gupta
Illinois Tool Works Inc (NYSE:ITW) shares fell after reporting mixed Q4 results. Revenue was flat at $3.98 billion, missing estimates, while adjusted EPS of $2.42 beat expectations. Operating income slightly increased, and the company saw a significant rise in free cash flow and share repurchases. ITW provided FY24 guidance with expected GAAP EPS of $10.00-$10.40 and revenue growth of 2%-4%.
February 01, 2024 | 7:09 pm
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Illinois Tool Works reported mixed Q4 results with flat revenue but higher EPS than expected. The company anticipates GAAP EPS of $10.00-$10.40 for FY24 and revenue growth of 2%-4%.
The short-term negative impact on ITW's stock price is primarily due to the revenue miss for Q4, which can concern investors about growth prospects. However, the beat on EPS and positive FY24 guidance could mitigate some concerns. The immediate price drop reflects market reaction to the mixed results.
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