On Feb. 3, Illinois Tool Works (ITW) delivered fourth-quarter 2021 results that beat on earnings and revenue. Pre-market today, ITW stock slipped slightly, down by 0.02%.
Fourth-Quarter 2021 Results
For its fourth quarter, ITW made $609 million in profit on $3.68 billion in revenue. Only $3.54 billion in revenue was expected. Adjusted EPS of $1.95 beat consensus estimates of earnings in the $1.89 per share range.
Full-Year 2021 Results
Illinois Tool Works brought in $2.69 billion in profit, or $8.51 per share, on $14.46 billion in revenue for the year.
CEO Comments: Growth and Supply Issues
“In the fourth quarter, we saw continued strong growth momentum as six of our seven segments delivered combined organic growth of 12 percent, while our Automotive OEM segment continued to be impacted by limitations on auto production due to component supply shortages,” CEO E. Scott Santi said in a statement.
2022 Guidance
ITW initiated full-year GAAP EPS guidance in the $8.90 to $9.30 per share range, representing a 10% to 15% percent increase. The firm also expects to repurchase around $1.5 billion of its own shares during 2022.
