update 4-illinois tool posts higher profit, but stock falls

by:KKR Stone     2020-03-05
(
Add details and update inventory activities)
Author: Ben Klayman Chicago, 18 April(Reuters)-
Illinois Tool Factory Company(ITW. N)
Wednesday\'s quarterly profit rose by 10% due to strong international demand and acquisitions, but analysts said the results were only in line with expectations as a result of the sale of a unit.
ITW\'s share price has fallen 4% and remains at full price. -
Annual earnings guidance, but downgraded sales forecasts.
Manufacturers of fasteners, food services and welding equipment, countertops and other products first state-
Net quarterly income rose to $402.
From $366 to $4 million, 71 cents a share.
A year ago it was 5 million, 65 cents a share.
The results are in line with the average analyst forecasts estimated by Reuters.
But Eli Lustgarten, an analyst at Longbow Securities, said the company benefited. -
Time gain is $16.
Five million yuan came from a consumer packaging business.
\"They reported that-
The stock, rated \"neutral\", entered the fourth quarter with the help of the sales department, said Lustgarten.
\"This adds a few cents, so it looks a little light.
\"He adds that the impact of many ITW acquisitions and weak domestic sales has led to lower prices. \" -than-
Expected profit margin.
Income grew by 14% to $3.
76 billion US dollars, more than 3 US dollars.
73 billion analysts had expected.
\"Although many North American terminal markets continue to face challenges, our strong acquisition activities and expanding international business are important factors in our revenue and net income growth,\" CEO David Spell said in a statement.
Sales in the construction business, also known as base revenue, increased by 1%, but this was less than the company\'s expected growth of 1%. 2 percent to 3. 2 percent.
Basic sales increased by 8.
The international market fell by 9%, but by 3%.
North America is 5%.
Ann Duignan, an analyst at Bear Stearns, said in a research report that the results were not \"clean\" because of business sales, but added that the company had made strong profits in a very difficult environment.
ITW, headquartered in Glennville, Illinois, said it still expected-
Annual profit is $3. 27 to $3. 39 a share.
Analysts\'average forecast is $3. 34.
The company expects the second-
Quarterly earnings were 86 to 90 cents a share, with analysts expecting 89 cents.
ITW is expected to be full-
Annual basic income will increase by 1. 8 percent to 3.
8%, lower than 2% of the previous forecast. 5 percent to 4. 5 percent.
In the second quarter, the growth rate was 0. 4 percent to 2. 4 percent. First-
ITW\'s North American engineering products division saw a slight decline in quarterly sales and an 11% decline in operating revenue.
5% is due to the weak U. S. economy. S.
The housing and domestic car markets, as well as the industrial sector, have generally slowed down.
The company produces re-sealed packaging of desktop materials, plastic parts and consumer goods.
Professional system income in North America increased by 8.
7% is due to acquisition, but the basic income declined, the basic income was flat, partly due to the decline in the industrial and consumer packaging market.
The company produces welding equipment, plastic beverage six categories of products. -
Packaging shelves and commercial food appliances.
Sales and operating income of international engineering products and international professional systems increased by 27% to 36%.
Both sectors benefited from acquisitions, strong demand for most businesses and favourable currency conversion.
ITW acquired nine companies in the first quarter, increasing annual revenue by $399 million.
This enabled it to reach its 2007 maximum target of $800 million to $100 million.
Annual sales are $2 billion.
Spell told Reuters in February that the company might catch up with 2006, when it added $1.
Annual revenue is $7 billion.
ITW shares fell $2.
16 or 4%, 51 dollars.
After trading on the New York Stock Exchange on the morning of the 40th, it fell to $50.
51. Earlier in the meeting. ((
Ben Claman reports, editor of John Wallace;
Reuters News: Ben. klayman. reuters. com@reuters. net; 312-408-8787; benjamin. Reuters Clemancom))((
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