Illinois Tool Works (NYSE: ITW) reported second-quarter earnings of $2 per share, which beat the analyst consensus estimate of $1.97. This is a 1.52% increase over earnings of $1.97 per share from the same period last year.
The company reported quarterly sales of $3.609 billion, which missed the analyst consensus estimate of $3.73 billion. This is a 5.79% decrease over sales of $3.831 billion the same period last year.
Illinois Tool Works sees fiscal year 2019 GAAP EPS at $7.55-$7.85.
"In the second-quarter, we experienced a deceleration in demand across our portfolio relative to the demand levels we were seeing exiting the first quarter. On a sequential basis, second quarter organic revenue declined approximately two percentage points versus first quarter run rates," said CEO Scott Santi. "In this more challenging demand environment, the ITW team executed well on the elements within our own control and delivered solid financial results. Operating margin improved year-over-year to 24.4%, excluding higher restructuring impact of 30 basis points, as enterprise initiatives contributed 110 basis points.”
Illinois Tool Works shares were trading down 5.4% at $150 in Friday’s pre-market session. The stock has a 52-week high of $160.78 and a 52-week low of $117.75.
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