Illinois Tool Works raises 2024 profit forecast
April 30 (Reuters) -Illinois Tool Works ITW.N raised its annual profit forecast on Tuesday and beat market estimates for first-quarter profit, even as revenue dropped 1%.
Elevated loan expenses have constrained business spending, dulling the impact of steady demand from the automotive industry for the Illinois-based company's fasteners and other components used to make vehicles.
"Looking ahead, we expect current levels of demand across our end markets and favorable year-over-year comparisons will translate to positive organic growth through the balance of the year," CEO Christopher O'Herlihy said.
Excluding a $117 million benefit from a one-time accounting change, its operating margin improved 120 basis points to 25.4% "as enterprise initiatives contributed 140 basis points", the company said.
Illinois Tool Worksnow expects adjusted profit per share in the range of $10.30 to $10.70, compared with its previous forecast of $10 to $10.40.
Its quarterlyadjusted profit of $2.44 per share surpassedanalysts' average estimates of $2.36, according to LSEG data.
However, revenue for the quarter fell to $3.97 billion and missedestimates of $4.03 billion.
Reporting by Shivansh Tiwary in Bengaluru; Editing by Devika Syamnath
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