Illinois Tool Works Tops Profit Estimates, Raises Guidance

Illinois Tool Works Inc. said Monday it had net income of $587 million, or $1.69 a share, in the second quarter, up from $525 million, or $1.46 a share, in the year-earlier period. Excluding a 3 cents per share benefit from a legal settlement, EPS came to $1.66, ahead of the FactSet consensus of $1.63. Revenue rose to $3.6 billion from $3.4 billion, matching the FactSet consensus. The industrial manufacturer said it is raising its full-year guidance and now expects EPS of $6.32 to $6.52, compared with prior guidance of $6.20 to $6.40. The company expects third-quarter revenue of $1.57 to $1.67. The FactSet consensus is for full-year EPS of $6.38 and third-quarter EPS of $1.65. Shares were not yet active premarket, but have gained 20.3% in 2017, while the S&P 500 has gained 10.4%.