Illinois Tool Works Inc. (NYSE:ITW) unwinded its third quarter earnings results on Friday 23rd October 2020 before market open.
The industrial products and equipment manufacturer, reported $ 1.83 income per share for the quarter, beat the consensus estimate of $ 1.46 income per share by $ 0.37 or 25.34 percent.
The quarterly earnings decreased 10.29 percent compared with the same quarter last year.
Illinois Tool Works Inc. had revenue of $ 3,307.00 million for the quarter, compared to the consensus estimate of $ 2972.37 million. The revenues outshined analysts estimates by $ 334.63 million or 11.26 percent.
The financial report showed revenues reduced 4.94 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
E. Scott Santi, chairman and chief executive officer, commented, We saw solid recovery progress in many of the end markets we serve in the third quarter as evidenced by our revenue being up sequentially 29 percent versus second quarter. Our people around the world responded by leveraging our proprietary business model to provide excellent service to our customers while keeping themselves and their co-workers safe. These efforts and our third quarter financial results support the decisions we made early in the pandemic to provide full compensation and benefits support to all of our ITW team members, to focus on positioning the company for full participation in the recovery, and to remain invested in the key initiatives supporting the execution of our long-term enterprise strategy.
