Illinois Tool Works' Third-Quarter Results: Continued Efficiency Gains Amid Tepid Organic Growth
We expect to raise our $99 fair value estimate for Illinois Tool Works by 2%-3% following stronger third-quarter results and updated 2016 EPS guidance. Our fair value estimate remains more than 10% below the share price, reflecting strong year-to-date stock performance despite sluggish top-line growth. We are maintaining our narrow moat rating.Rising operating efficiency and an upgraded product mix drove 8% third-quarter year-over-year EPS growth (up 10% excluding negative currency effects). Co...
Illinois Tool Works manufactures a range of industrial products and equipment. Automotive OEM segment produces components and fasteners for automotive-related applications. Food Equipment segment is engaged in commercial food equipment. Test and Measurement and Electronics segment produces equipment for testing and measuring of materials and structures. Welding segment produces arc welding equipment, consumables and accessories. Polymers and Fluids segment produces adhesives, sealants, lubrication and cutting fluids for auto aftermarket maintenance. Construction Products segment supplies fastening systems and solutions. Specialty Products segment is focused on patent protection.
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