Illinois Tool Works Narrows FY24 GAAP EPS Outlook To $10.30-$10.40 From $10.30-$10.70 Prior Vs. $10.35 Estimate
Portfolio Pulse from Benzinga Newsdesk
Illinois Tool Works (ITW) has narrowed its FY24 GAAP EPS outlook to $10.30-$10.40 from the previous $10.30-$10.70 range, aligning closely with the $10.35 estimate. The company expects flat revenue and organic growth for 2024, while raising its operating margin guidance slightly. ITW plans to repurchase $1.5 billion of its shares and expects free cash flow to exceed net income.
July 30, 2024 | 12:06 pm
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Illinois Tool Works (ITW) has narrowed its FY24 GAAP EPS outlook to $10.30-$10.40 from the previous $10.30-$10.70 range, aligning closely with the $10.35 estimate. The company expects flat revenue and organic growth for 2024, while raising its operating margin guidance slightly. ITW plans to repurchase $1.5 billion of its shares and expects free cash flow to exceed net income.
The narrowing of the EPS outlook and flat revenue growth projection may create mixed sentiments among investors. However, the raised operating margin guidance and significant share repurchase plan could provide some positive support to the stock price.
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