Mixed Signals For Illinois Tool Works: Q1 Profit Soars, Revenue Stumbles
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 30 2024
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Source: Benzinga
Illinois Tool Works Inc. Financials:
- Reported lower revenue in the first quarter of FY24 compared to consensus.
- Decline in revenue attributed to a decrease in organic growth and foreign currency translation impact.
- Beat consensus on EPS with GAAP EPS at $2.73 and Adjusted EPS at $2.44.
- Operating income increased by 16% year-over-year, with an operating margin of 28.4%.
- Provided FY24 guidance with raised EPS forecast and increased operating margin outlook.
Outlook and Comments by CEO:
- Expect positive organic growth for the rest of the year due to current demand levels and favorable comparisons.
- Revenue growth projected at 2% to 4% with organic growth at 1% to 3% based on demand and exchange rates.
Investor Information:
- Investors can access ITW stock through VictoryShares THB Mid Cap ETF (BEEZ) and American Century U.S. Quality Value ETF (VALQ).
Stock Performance:
- ITW shares were down 1.5% at $245.45 as per the latest check on Tuesday.
Analyst Views on BEEZ
Wall Street analysts forecast BEEZ stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BEEZ is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
