DJ Illinois Tool Works Reports Surprise Growth In Profit And Revenue, Plans To Boost Stock Repurchases -- MarketWatch
Shares of Illinois Tool Works Inc. (ITW) rose 0.4% in premarket trading Friday, after the diversified manufacturing company reported surprise fourth-quarter growth in profit and revenue, and announced plans to boost share repurchases this year. Net income increased to $642 million, or $2.02 a share, from $641 million, or $1.99 a share, in the year-ago period. The company said the results included a per-share gain of 11 cents from divestitures. The FactSet consensus for net earnings per share was a decline to $1.77. Revenue inched up to $3.48 billion from $3.47 billion, while the FactSet consensus was for a decline to $3.32 billion. For 2021, the company expects net EPS of $7.60 to $8.00, surrounding the FactSet consensus of $7.69. The company plans to buy back about $1 billion worth of its stock in 2021, after repurchasing $706 million worth of shares in 2020. The stock has lost 5.7% over the past three months through Thursday, while the S&P 500 has gained 10.3%.
(END) Dow Jones Newswires
February 05, 2021 08:16 ET (13:16 GMT)
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