By Sabela Ojea

Illinois Tool Works raised its earnings-per-share guidance for the year, as it expects further organic growth amid current demand levels while customers' supply chain issues stabilize.

The Glenview, Ill.-based industrial products and equipment manufacturer increased its EPS guidance by 10 cents to $9.55 to $9.95 on views for organic growth of 3 to 5%.

Divestitures, on the other hand, continue to be expected to cut revenue by 1%, resulting in revenue growth of 2% to 4% in 2023.

"While customer and channel inventory normalization will continue to be a factor for the next several quarters, we expect stable underlying demand and continued strong margin and profitability performance through the balance of the year," Chief Executive E. Scott Santi said.

Shares fell 0.5% to $262 in pre-market trading.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

August 01, 2023 08:56 ET (12:56 GMT)

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