Illinois Tool Works (ITW) reported a 13.7% Q1 net income increase to $819mn and raised FY24 EPS outlook to $10.30-$10.70.

Illinois Tool Works (ITW) reported a 13.7% increase in Q1 net income to $819mn and raised its FY24 EPS outlook to $10.30-$10.70 from $10.00-$10.40. Organic revenue declined by 0.6% and the company expects revenue growth of 2-4% and organic growth of 1-3% in FY24, with free cash flow to exceed 100% of net income. Share repurchases are planned at around $1.5bn.