SlobodanMiljevic/iStock via Getty Images
Illinois Instrument Tool (NYSE:ITW) rose on Thursday to hit a 52-week high after the maker of industrial products and equipment sales report which is better than estimated. Its shares rose as much as 5.6% up reached $252.87 per share.
Revenue rose 7.9% to $3.97 billion in Q4 — beating Wall Street’s average estimate of $3.9 billion — from $3.68 billion a year earlier. The company says demand for automotive equipment and food has helped drive growth.
Adjusted EPS increased 21% to $2.34, below the consensus estimate of $2.53. Net income increased 49% to $907 million in Q4 from $609 million a year earlier, while EPS increased to $2.95 from $1.93.
Among its businesses, revenue from automotive equipment grew 20%, while food equipment grew 17%.
Illinois Instrument Tool (ITW) introduced GAAP EPS guidance for 2023 between $9.40 and $9.80 and organic growth of 3% to 5%.
