By Matt Grossman
Illinois Tool Works Inc. on Friday raised its full-year earnings guidance after posting better-than-expected first-quarter results.
The Glenview, Ill.-based manufacturer said it now expects full-year earnings per share of $8.20 to $8.60. In February, the company had given a guidance range of $7.60 to $8. Analysts had been forecasting full-year earnings of $7.95 a share, according to FactSet.
Illinois Tool Works said it expects revenue to grow by 12% to 14% year over year in 2021. The company said it plans to repurchase about $1 billion of its shares this year.
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(END) Dow Jones Newswires