ITW sales up 11% in last three months

By Reuters
Posted March 21 at 7:44 a.m.

Diversified U.S. manufacturer Illinois Tool Works Inc said Monday its sales in the three months through February were up 11 percent, and the company repeated its annual and quarterly earnings forecasts.

The sales increase is slightly below the pace it had forecast. In January, the company had estimated that first-quarter sales would rise 12 percent to 15 percent, a slightly faster pace than it had forecast for the full year.

Illinois Tool said a previously announced tax decision in Australia would add 33 cents a share to first-quarter earnings from continuing operations, which are now forecast to be in a range of $1.14 per share to $1.20 per share. Stripping away the tax adjustment, the forecast was unchanged from January.

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