WASHINGTON (dpa-AFX) - Illinois Tool Works, Inc. (ITW) reported Tuesday that
net income for the first quarter increased to $819 million or $2.73 per share
from $714 million or $2.33 per share in the year-ago quarter. Excluding items,
adjusted net income for the quarter was $2.44 per share.

Operating revenue for the quarter edged down 1 percent to $3.97 billion from
$4.02 billion in the same quarter last year, with organic revenue decline of 0.6
percent.

On average, analysts polled by Thomson Reuters expected the company to report
earnings of $2.36 per share on revenues of $4.0 billion for the quarter.
Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects earnings in a range of
$10.30 to $10.70 per share on revenue growth of 2 to 4 percent, with organic
revenue growth of 1 to 3 percent.

Previously, the company expected earnings in the range of $10.00 to $10.40 per
share on revenue growth of 2 to 4 percent, with organic revenue growth of 1 to 3
percent.

The Street was looking for earnings of $10.14 per share on revenue growth of 2.4
percent to $16.49 billion for the year.

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