Illinois Tool Works Expects Growth In FY16 EPS

(RTTNews) - Illinois Tool Works Inc. (ITW) Friday said it expects an increase of 7 percent increase in Full year 2016 earnings at midpoint from prior year as it forecasts in a range of $5.35 to $5.55 per share. Excluding the negative currency impact, earnings per share is expected to increase 10 percent at the midpoint.

On average, 19 analysts polled by Thomson Reuters expect the company to earn $5.52 per share on revenue of $13.58 billion.

ITW projects organic growth for 2016 to be 1 to 3 percent, which includes an approximately 90 basis point impact from Product Line Simplification.

At its annual Investor and Analyst Day in New York, the company would reiterate its 2017 performance goals and project 23 percent growth in operating margin and 20 percent in after tax ROIC.

Scott Santi, chairman and CEO said, "Over the past three years, we have made excellent progress in the execution of our Enterprise Strategy and delivered strong financial results that keep us solidly on track to achieve our 2017 performance goals..."