GLENVIEW, Ill. (AP) — Illinois Tool Works Inc. on Tuesday reported first-quarter profit of $714 million.
On a per-share basis, the suburban Chicago-based company said it had net income of $2.33.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.18 per share.
The equipment manufacturer for the transportation, power, food and construction industries posted revenue of $4.02 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $3.96 billion.
Illinois Tool Works expects full-year earnings to be $9.45 to $9.85 per share.
