La vendita allo scoperto per Illinois Tool Works dà agli investitori un'idea del grado in cui gli investitori stanno scommettendo sul declino delle azioni di Illinois Tool Works. I dati relativi alle vendite allo scoperto vengono aggiornati ogni due settimane.

Illinois Tool Works (NYSE:ITW) Azioni, Report sulle vendite allo scoperto

Illinois Tool Works

Founded in 1912, Illinois Tool Works has become a diversified industrial manufacturer through acquisitions and innovations that follow customer needs. ITW operates through seven business segments, with no segment representing more than one fifth of revenue. ITW's automotive OEM segment sells vehicle components; its food equipment segment sells commercial kitchen appliances; its test & measurement and electronics segment sells inspection and analysis equipment; its welding segment sells welding equipment and consumables; its polymers & fluids segment sells industrial and consumer adhesives, solvents, and coatings; its construction products segment sells building fasteners and tools; and its specialty products segment sells medical, packaging, HVAC, and airport ground equipment.

Illinois Tool Works Inc

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Barclays analyst Julian Mitchell maintains Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) with a Underweight and raises the price target from $215 to $230.

News

Price Target

Analyst Ratings

Barclays Maintains Underweight on Illinois Tool Works, Raises Price Target to $230

Baird analyst Mig Dobre maintains Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) with a Neutral and raises the price target from $240 to $250.

Baird Maintains Neutral on Illinois Tool Works, Raises Price Target to $250

WIIM

Illinois Tool Works shares are trading higher after the company reported better-than-expected Q3 adjusted EPS results.

Illinois Tool Works Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) shares are trading higher after the company reported mixed <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41622407/itw-reports-third-quarter-2024-results" rel="noreferrer noopener">third-quarter 2024 results</a>.
The company reported revenue of $3.966 billion, a decline of 1.6% year-over-year, missing the consensus of $4.017 billion.
The revenue saw a 1.4% drop in organic growth, a 0.4% foreign currency impact, and a 0.2% boost from acquisitions.
See Also: <a href="https://www.benzinga.com/general/biotech/24/10/41622207/eli-lilly-q3-earnings-mounjaro-sales-more-than-double-takes-2-98-billion-hit-to-profit-cuts-annua">Eli Lilly Q3 Earnings: Mounjaro Sales More Than Double, Takes $2.98 Billion Hit To Profit, Cuts Annual Outlook, Stock Tanks</a>
Revenue By Segments: 
<ul>
<li>Automotive OEM $772 million (-3% YoY)</li>
<li>Food Equipment $677 million (almost flat YoY)</li>
<li>Test &amp; Measurement and Electronics $697 million (flat YoY)</li>
<li>Welding $462 million (-1% Y/Y)</li>
<li>Polymers &amp; Fluids $448 million (-2% Y/Y)</li>
<li>Construction Products $479 million (-8% Y/Y) and </li>
<li>Specialty Products $438 million (+6% Y/Y).</li>
</ul>
Adj. EPS for the quarter stood at $2.65, up 4% YoY, above the consensus of $2.53.
The operating income increased 1.7% YoY to $1.052 billion, and the operating margin was flat at 26.5%.
ITW's Operating cash flow was $891 million, and free cash flow was $783 million, with a conversion rate to adjusted net income of 102 percent.
The company repurchased $375 million worth of shares and raised its dividend seven percent to an annualized $6.00 per share.
ITW during the quarter sold its noncontrolling interest in Wilsonart, netting $395 million and a pre-tax gain of $363 million. A tax benefit contributed to a $1.26 favorable GAAP EPS impact, with minimal future impact expected.
"All year, our focused execution and operational excellence have enabled the Company to effectively counter persistent market headwinds and achieve solid growth in margin and profitability while we continued to manage and invest in ITW to maximize growth and performance over the long term" CEO Christopher A. O'Herlihy said.
ITW&#8217;s &#8220;long-term strategy&#8221; is to build above-market organic growth, O'Herlihy added.
2024 Guidance: Illinois Tool Works raised its GAAP EPS forecast to $11.63 to $11.73 from $10.30-$10.40 versus consensus of $10.29.
The company maintains its revenue and organic growth guidance to be approximately flat for 2024.
ITW operating margin guidance to 26.5%- 27% up 165 bps at midpoint, with enterprise initiatives adding over 100 bps. Free cash flow is expected to exceed 100% of net income, and the company plans to repurchase ~$1.5 billion in shares in 2024.
Price Action: ITW shares traded higher by 0.34% at $256.91 at the last check Wednesday.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41623984/us-economy-grows-less-than-expected-in-q3-yet-private-employment-soars-by-233-000">US Economy Grows Less Than Expected In Q3, Yet Private Employment Soars By 233,000 In October</a></li>
</ul>

Earnings

Guidance

Illinois Tool Works Navigates Market Headwinds With Mixed Q3 Results And Revised EPS Outlook

Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) reported quarterly earnings of $2.65 per share which beat the analyst consensus estimate of $2.53 by 4.74 percent. The company reported quarterly sales of $3.966 billion which missed the analyst consensus estimate of $4.017 billion by 1.28 percent. This is a 1.61 percent decrease over sales of $4.031 billion the same period last year.

Earnings Beats

Earnings Misses

Illinois Tool Works Q3 2024 Adj. EPS $2.65 Beats $2.53 Estimate, Sales $3.966B Miss $4.017B Estimate

Stifel analyst Nathan Jones maintains Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) with a Hold and raises the price target from $260 to $262.

Stifel Maintains Hold on Illinois Tool Works, Raises Price Target to $262

Truist Securities analyst Jamie Cook maintains Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) with a Buy and raises the price target from $281 to $312.

Truist Securities Maintains Buy on Illinois Tool Works, Raises Price Target to $312

Wells Fargo analyst Joseph O'Dea maintains Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) with a Underweight and raises the price target from $236 to $250.

Wells Fargo Maintains Underweight on Illinois Tool Works, Raises Price Target to $250

Illinois Tool Works's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) short percent of float has risen 6.08% since its last report. The company recently reported that it has 5.65 million shares sold short, which is 1.92% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.19 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Illinois Tool Works Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725989422_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Illinois Tool Works has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Illinois Tool Works's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Illinois Tool Works's peer group average for short interest as a percentage of float is 1.58%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Trading Ideas

How Is The Market Feeling About Illinois Tool Works?

Evercore ISI Group maintains Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) with a In-Line and lowers the price target from $251 to $246.

Evercore ISI Group Maintains In-Line on Illinois Tool Works, Lowers Price Target to $246

The Board of Directors of Illinois Tool Works Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) authorized a seven percent increase to the dividend payout to shareholders, representing a quarterly increase of $0.10 per share – or $0.40 per share annually – versus the current dividend rate. The Board also declared a dividend on the company's common stock of $1.50 per share for the third quarter of 2024. The dividend equates to $6.00 per share on a full-year basis. The dividend will be paid on October 11, 2024 to shareholders of record as of September 30, 2024.

Dividends

ITW Board of Directors Approves Quarterly Dividend Increase From $1.40 To $1.50 Per Share

Barclays analyst Julian Mitchell maintains Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) with a Underweight and lowers the price target from $217 to $215.

Barclays Maintains Underweight on Illinois Tool Works, Lowers Price Target to $215

JP Morgan analyst Tami Zakaria maintains Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) with a Overweight and raises the price target from $267 to $270.

JP Morgan Maintains Overweight on Illinois Tool Works, Raises Price Target to $270

Wells Fargo analyst Joseph O'Dea maintains Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) with a Underweight and raises the price target from $230 to $236.

Wells Fargo Maintains Underweight on Illinois Tool Works, Raises Price Target to $236

Stifel analyst Nathan Jones maintains Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) with a Hold and lowers the price target from $268 to $260.

Stifel Maintains Hold on Illinois Tool Works, Lowers Price Target to $260

Truist Securities analyst Jamie Cook maintains Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) with a Buy and lowers the price target from $283 to $281.

Truist Securities Maintains Buy on Illinois Tool Works, Lowers Price Target to $281

Investor sentiment took a hit on Tuesday as caution prevailed ahead of significant market events, including key tech earnings reports and the Federal <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/40042583/will-powell-hint-at-september-rate-cut-what-major-us-investment-banks-expect-from">Open Market Committee meeting.</a>
The Nasdaq 100, heavily weighted with tech stocks, experienced the most significant decline among major U.S. indices, dropping 1.5%. Semiconductor stocks were particularly affected, with Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) plummeting over 6% to a two-month low, impacting the entire industry. 
Consequently, the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) fell nearly 3%, marking its sixth negative close in the last eight sessions.
The S&amp;P 500 also dipped 0.8%, primarily due to its heavy tech exposure, while the Dow Jones and Russell 2000 managed to avoid losses. Notably, the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) has outperformed tech stocks by 15% so far this month.
Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) declined more than 1% ahead of its post-market earnings announcement, while Apple Inc., Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) experienced smaller losses in anticipation of their reports later in the week.
Crowdstrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) was the worst-performing tech stock on Tuesday, plunging nearly 12% after Delta Air Lines announced it would seek compensation from the cybersecurity firm for last week's outage.
Meanwhile, Treasury yields remained steady, gold edged up 0.3%, and the Japanese yen, tracked by the Invesco CurrencyShares Japanese Yen Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXY#NYSE">FXY</a>), gained 0.4% against the dollar in anticipation of a potential Bank of Japan rate hike.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 1.5% to $65,812.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,607.10</td>
<td>0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,242.74</td>
<td>0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,422.36</td>
<td>-0.8%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,778.20</td>
<td>-1.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:38 p.m. ET</figcaption></figure>
<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent073024&amp;t=be2bearmibe3na1">According to Benzinga Pro data:</a>
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.7% lower to $541.00.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.3% to $406.60.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 1.5% to $457.06.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.16% to $222.09.</li>
<li>Sector-wise, the Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;outperformed, up 1.2%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 2.4%.</li>
</ul>
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
Stocks moving on earnings were:
<ul>
<li>F5, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>), up over 11%.</li>
<li>Hologic Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOLX#NASDAQ">HOLX</a>), up 2.7%</li>
<li>Woodward Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WWD#NASDAQ">WWD</a>), down 18%.</li>
<li>Chesapeake Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHK#NYSE">CHK</a>), down 0.6%.</li>
<li>Amkor Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMKR#NASDAQ">AMKR</a>), down 18%.</li>
<li>Crane Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CR#NYSE">CR</a>), down 4%. </li>
<li>Lattice Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>), down 8%. </li>
<li>Procter &amp; Gamble Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>), down 5.6%. </li>
<li>Merck &amp; Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), down 10%. </li>
<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), down 0.5%. </li>
<li>S&amp;P Global Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SP#NYSE">SP</a>), down 0.7%. </li>
<li>Illinois Tool Works Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>), down 0.5%,</li>
<li>PayPal Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), up 7.4%. </li>
<li>Ecolab Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>), down 8.4%.</li>
<li>Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), up 5.2%. </li>
<li>American Electric Power Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>), flat. </li>
<li>Gartner Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IT#NYSE">IT</a>), up 6.7%. </li>
<li>Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>), down 0.4%</li>
<li>JetBlue Airways Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>), up 17%.</li>
<li>LGI Homes, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGIH#NASDAQ">LGIH</a>), up 8%. </li>
<li>Logitech International S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOGI#NASDAQ">LOGI</a>), up 0.6%. </li>
<li>Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>), down 0.5% </li>
<li>SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) down 1.9%. </li>
</ul>
Companies reporting earnings after the close include: 
<ul>
<li>Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)</li>
<li>Arista Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>)</li>
<li>Caesars Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>)</li>
<li>DoubleVerify Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DV#NYSE">DV</a>)</li>
<li>Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>)</li>
<li>First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>)</li>
<li>Freshworks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>)</li>
<li>Live Nation Entertainment, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>)</li>
<li>Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>)</li>
<li>Microsoft</li>
<li>Mondelez International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>)</li>
<li>Pinterest, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>)</li>
<li>Skyworks Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>)</li>
<li>Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) </li>
<li>Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>).</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/07/40044042/job-openings-hold-steady-in-june-ahead-of-crucial-july-labor-market-data-why-this">Job Openings Hold Steady In June Ahead Of Crucial July Labor Market Data: Why This Analyst Expects Robust Payrolls</a></li>
</ul>
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Tech Stocks Drop Ahead Of Key Earnings; Nvidia Falls, CrowdStrike Hits 8-Month Low: What's Driving Markets Tuesday?

Illinois Tool Works Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) reported a second-quarter 2024 revenue of $4.027 billion, <a target="_blank" href="https://www.benzinga.com//node/40034844" rel="noreferrer noopener">missing the consensus of $4.08 billion.</a>
Revenue declined 1.2% year over year, and flat organic growth and the impact of foreign currency translation reduced revenue by 1.2%.
Revenue by segments: Automotive OEM $815 million (-1% Y/Y), Food Equipment $667 million (+2% Y/Y), Test &amp; Measurement and Electronics $678 million (-3% Y/Y), Welding $466 million (-5% Y/Y), Polymers &amp; Fluids $454 million (-1% Y/Y), Construction Products $504 million (-4% Y/Y) and Specialty Products $449 million (+6% Y/Y).
GAAP EPS was $2.54, up from $2.48 a year ago, beating the consensus of $2.47.
The operating income increased 4.5% YoY to $1.054 billion, and the operating margin expanded 138 bps YoY to 26.2%
ITW's operating cash flow was $687 million compared to $790 million a year ago, and free cash flow was $571 million, with a conversion rate to net income of 75%.
During the quarter, the company repurchased $375 million worth of shares.
&#8220;Looking ahead, we are lowering the top-end of our full year GAAP EPS guidance to reflect current levels of demand partially offset by better margin performance. We remain focused on managing and investing for the long-term as we build above-market organic growth, fueled by customer-back innovation, into a core ITW strength," commented Christopher A. O'Herlihy, President and Chief Executive Officer.
2024 Guidance: Illinois Tool Works narrowed its GAAP EPS forecast to $10.30-$10.40 from $10.30-$10.70 versus consensus of $10.35.
The company is projecting revenue and organic growth to be approximately flat for 2024.
ITW narrows operating margin guidance to 26.5%- 27% (from 26%- 27%), up 165 bps at midpoint, with enterprise initiatives adding over 100 bps.
Free cash flow is expected to exceed 100% of net income, and the company plans to repurchase ~$1.5 billion in shares in 2024.
Price Action: ITW shares traded lower by 0.08% at $247.81 at the last check Tuesday.

Illinois Tool Works Reports Mixed Q2 Results and Revises EPS Guidance: Details

General

Inninois Tool Works shares are trading higher the company reported better-than-expected Q2 earnings results.

ITW is lowering the top-end of its full year GAAP EPS guidance range of $10.30 to $10.70 per share to a narrower range of $10.30 to $10.40 per share, an increase of six percent compared to the prior year at the midpoint. Based on current levels of demand and foreign currency exchange rates exiting the second quarter, the company is projecting revenue growth and organic growth to be approximately flat for 2024. ITW is raising its operating margin guidance from 26 to 27 percent to a narrower range of 26.5 to 27 percent, an increase of 165 bps at the midpoint with enterprise initiatives projected to contribute more than 100 basis points. Free cash flow is expected to exceed 100 percent of net income and the company plans to repurchase approximately $1.5 billion of its own shares. The projected effective tax rate remains unchanged in the range of 24 to 24.5 percent.

Illinois Tool Works Narrows FY24 GAAP EPS Outlook To $10.30-$10.40 From $10.30-$10.70 Prior Vs. $10.35 Estimate

Illinois Tool Works ( ($ITW) ) has realeased its Q3 earnings. Here is a breakdown of the information Illinois Tool Works presented to its investors...

Illinois Tool Works Steady Amid Market Challenges

Barclays analyst Julian Mitchell maintained a Sell rating on Illinois Tool Works (ITW – Research Report) today and set a price target of $215.00. T...

Illinois Tool Works (ITW) Receives a Sell from Barclays

Companies in the Industrial Goods sector have received a lot of coverage today as analysts weigh in on Illinois Tool Works (ITW – Research Report),...

Analysts Conflicted on These Industrial Goods Names: Illinois Tool Works (ITW), CH Robinson (CHRW) and Verisk Analytics (VRSK)

Truist Financial analyst Jamie Cook maintained a Buy rating on Illinois Tool Works (ITW – Research Report) today and set a price target of $312.00....

Truist Financial Sticks to Their Buy Rating for Illinois Tool Works (ITW)

In a report released today, Nathan Jones from Stifel Nicolaus maintained a Hold rating on Illinois Tool Works (ITW – Research Report), with a price...

Illinois Tool Works (ITW) Receives a Rating Update from a Top Analyst

Barclays raised the firm's price target on Illinois Tool Works (ITW) to $230 from $215 and keeps an Underweight rating on the shares. The earnings ...

Illinois Tool Works price target raised to $230 from $215 at Barclays

The Middleby Corporation: Organic Growth In The CF Segment Continues To Be Poor

Illinois Tool Works (ITW) Gets a Sell from Wells Fargo

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Seaport Global analyst Walter Liptak maintained a Hold rating on Illinois Tool Works (ITW – Research Report) today. The company's shares closed yes...

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