GLENVIEW, Ill. (AP) -- Illinois Tool Works Inc.'s first-quarter net income soared 87 percent, helped by a one-time tax benefit and higher revenue.
The industrial tool and product maker also lifted its full-year earnings and revenue outlooks above Wall Street's expectations.
The company's stock rose $3.35, or 6.1 percent, to $57.76 in morning trading and touched an all-time high of $57.96.
Illinois Tool Works reported net income of $623.1 million, or $1.24 per share, for the three months ended March 31. That's up from $333.8 million, or 66 cents per share, a year earlier.
The current quarter's results included a one-time benefit of 33 cents per share tied to the settlement of an Australian tax case.
Excluding that, earnings were 91 cents per share. Analysts polled by FactSet predicted earnings of 84 cents per share.
Operating revenue increased 17 percent to $4.39 billion from $3.74 billion, helped by improved results from its powers systems and electronics and transportation segments.
Wall Street predicted revenue of $4.16 billion.
The Glenview, Ill., company said Tuesday that it now anticipates full-year earnings of $4.16 to $4.34 per share. Its prior forecast was for earnings between $3.60 and $3.84 per share.
Revenue is predicted to rise 16 percent to 18 percent, implying revenue of $18.41 billion to $18.73 billion. Illinois Tool Works' prior guidance called for an 11.5 percent to 14.5 percent increase.
Analysts expected full-year earnings of $3.80 per share on revenue of $17.85 billion.
For the second quarter, Illinois Tool Works forecasts earnings of 99 cents to $1.05 per share. Revenue is expected to gain 17 percent to 20 percent, implying revenue of $4.77 billion to $4.89 billion.
Wall Street previously expected $1 per share on revenue of $4.59 billion.
The industrial tool and product maker also lifted its full-year earnings and revenue outlooks above Wall Street's expectations.
The company's stock rose $3.35, or 6.1 percent, to $57.76 in morning trading and touched an all-time high of $57.96.
Illinois Tool Works reported net income of $623.1 million, or $1.24 per share, for the three months ended March 31. That's up from $333.8 million, or 66 cents per share, a year earlier.
The current quarter's results included a one-time benefit of 33 cents per share tied to the settlement of an Australian tax case.
Excluding that, earnings were 91 cents per share. Analysts polled by FactSet predicted earnings of 84 cents per share.
Operating revenue increased 17 percent to $4.39 billion from $3.74 billion, helped by improved results from its powers systems and electronics and transportation segments.
Wall Street predicted revenue of $4.16 billion.
The Glenview, Ill., company said Tuesday that it now anticipates full-year earnings of $4.16 to $4.34 per share. Its prior forecast was for earnings between $3.60 and $3.84 per share.
Revenue is predicted to rise 16 percent to 18 percent, implying revenue of $18.41 billion to $18.73 billion. Illinois Tool Works' prior guidance called for an 11.5 percent to 14.5 percent increase.
Analysts expected full-year earnings of $3.80 per share on revenue of $17.85 billion.
For the second quarter, Illinois Tool Works forecasts earnings of 99 cents to $1.05 per share. Revenue is expected to gain 17 percent to 20 percent, implying revenue of $4.77 billion to $4.89 billion.
Wall Street previously expected $1 per share on revenue of $4.59 billion.