ITW Q1 revenue down 1% to $4.0 billion; GAAP EPS up 17%, full-year EPS guidance raised
Illinois Tool Works reported first-quarter 2024 revenue of $4.0 billion, down 1%, with organic growth down 0.6%. GAAP EPS rose 17% to $2.73, but that figure includes a $0.29 benefit from a one-time LIFO-to-FIFO inventory accounting change; excluding it, EPS was $2.44, up 5%. The company raised its full-year GAAP EPS guidance by $0.30 to $10.30 to $10.70 and reaffirmed organic growth guidance of 1% to 3%.
Key points
- Revenue of $3,973 million, down 1% from $4,019 million in Q1 2023; organic growth was down 0.6%
- GAAP diluted EPS of $2.73, up 17%; excluding the one-time $0.29 item, EPS was $2.44, up 5%
- Operating income of $1.13 billion included $117 million of pre-tax benefit; excluding it, operating income was $1.01 billion, up 4%
- Full-year 2024 GAAP EPS guidance raised by $0.30 to $10.30 to $10.70; plans to repurchase about $1.5 billion of shares
The filing
Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 30, 2024.
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