Illinois Tool beats by $0.02, reports revs in-line; guides Q3 EPS in-line; raises FY17 EPS, in-line :
- Reports Q2 (Jun) earnings of $1.66 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.64; revenues rose 4.9% year/year to $3.6 bln vs the $3.61 bln Capital IQ Consensus. Organic revenue growth was positive in six of seven segments: 4% in Automotive OEM, 4% in Test & Measurement/Electronics, 4% in Specialty Products, 3% in Welding, 2% in Construction Products, and 1% in Food Equipment. Polymers & Fluids was down 1%. Operating income of $874 million for the second quarter was up 10% and was the highest quarterly income total in the co's history. Operating margin for the quarter was 24.3%, an increase of 120 basis points.
- Co issues in-line guidance for Q3, sees EPS of $1.57-1.67 vs. $1.66 Capital IQ Consensus Estimate.
- Co issues in-line guidance for FY17, sees EPS of $6.32-6.52 vs. $6.38 Capital IQ Consensus, up from prior guidance of $6.20 to $6.40 per share, with organic revenue growth of 2 to 4%. ITW expects operating margin of ~24% and free cash flow to exceed 100% of net income. Organic revenue increased 2.6% while the 2016 acquisition of Engineered Fasteners & Components (EF&C) added 3.5% to revenue. Foreign currency translation reduced revenue by 1.2%.
No comments:
Post a Comment