By Dave Sebastian
Illinois Tool Works Inc. said it raised its earnings guidance for the year as it sees order intake rates in all segments and regions remaining strong.
The Glenview, Ill.-based manufacturing company on Friday said it expects earnings of $8.55 a share to $8.95 a share, up 32% at the midpoint from a year ago. It previously expected $8.20 a share to $8.60 a share.
The company said it expects organic growth of 11% to 13%, compared with its prior outlook of 10% to 12%.
The company said it expects price increases to offset raw-material cost increases.
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(END) Dow Jones Newswires