Illinois Tool Works Q3 Results Top Estimates; Lifts FY22 View Above Market

Illinois Tool Works Inc. (ITW) reported Tuesday that its third-quarter net income increased to $727 million from last year’s $639 million.

Earnings per share grew 16 percent to $2.35 from $2.02 a year ago.

Third-quarter operating revenue increased 13 percent to $4.01 billion from $3.56 billion last year. Organic revenue growth was 16 percent.

On average, analysts polled by Thomson Reuters expected earnings of $2.25 per share for the quarter on revenues of $3.89 billion. Analysts’ estimates typically exclude special items.

Looking ahead for fiscal 2022, the company now expects earnings to be $9.45 to $9.55 per share, revenue growth of 9 to 10 percent and organic revenue growth of 11 percent to 12 percent.

The company previously expected earnings per share of $9.00 to $9.40, revenue growth in the range of 6 percent to 9 percent, and organic growth of 7 percent to 10 percent.

Analysts expect earnings of $9.05 per share for the year.

For the full year, operating margin is now projected to be approximately 24 percent, while previous estimate was in the range of 24 to 25 percent.

In pre-market activity on the NYSE, Illinois Tool Works shares were gaining around 2.1 percent to trade at $205.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

NVR Inc. Profit Climbs In Q3, but misses estimates

NVR Inc. (NVR) revealed earnings for its third quarter that increased from the same period last year but missed the Street estimates.

The company’s bottom line came in at $411.39 million, or $118.51 per share. This compares with $332.08 million, or $86.44 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $121.71 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 17.1% to $2.74 billion from $2.34 billion last year.

NVR Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $411.39 Mln. vs. $332.08 Mln. last year.
-EPS (Q3): $118.51 vs. $86.44 last year.
-Analyst Estimate: $121.71
-Revenue (Q3): $2.74 Bln vs. $2.34 Bln last year.

European Economics Preview: Germany Ifo Business Confidence Due

Business confidence survey data from Germany is due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Sweden publishes producer prices for September. Prices had advanced 22.0 percent in August.

At 3.00 am ET, producer price data is due from Spain.

At 4.00 am ET, the ifo Institute is scheduled to issue Germany’s business confidence survey results. Economists expect the business sentiment index to fall to 83.3 in October from 84.3 in the previous month.

In the meantime, the European Central Bank releases bank lending survey data.

Also, Poland unemployment data is due. The jobless rate is forecast to remain unchanged at 4.8 percent in September.

At 6.00 am ET, the Confederation of British Industry publishes Industrial Trends survey results. The order book balance is expected to fall to -12 percent in October from -2 percent in September.

At 8.00 am ET, Hungary’s central bank announces its monetary policy decision. The bank is set to hold its benchmark rate at 13.00 percent.

First BanCorp Q3 Profit Falls, But Beats Estimates

First BanCorp. (FBP), a bank holding company, on Tuesday posted a decline in earnings for the third-quarter, that reflected a provision for credit loss against last year’s provision for credit benefit.

However, the company’s adjusted earnings beat the Street view by a penny.

For the quarter ended on September 30, net income was at $74.603 million, compared with $75.009 million a year ago.

Earnings per share were at $0.40, higher than $0.36 per share of the previous year. Common shares outstanding at the end of the quarter declined to 186.258 million from last year’s 206.496 million shares.

Adjusted net income stood at $74.603 million, versus $77.495 million, recorded for the previous year period. Excluding items, EPS was $0.40 a share.

Five-analysts, on average, polled by Thomson-Reuters were estimating the lender to post EPS of $0.39. Analysts’ estimates typically exclude one-time items.

Pre-tax income declined to $106.631 million, versus $112.735 million of previous year.

Total non-interest income stood at $ 29.693 million, lesser than $29.946 million reported a year ago.

Net interest income moved up to $207.910 million from $184.743 million reported for the same period of 2021.

Provision for credit losses was at $15.783 million, compared with a benefit of $12.082 million last year.

Missing Fort Collins woman found safe

A woman who had been missing since Monday night in Fort Collins was found safe, the Fort Collins Police Services said about 8:30 a.m. on Twitter.

Winter Ryan, 21, was last seen at Oak Street Plaza about 10 p.m. after sleeping there for about 45 minutes.

She appeared disoriented, and police were especially concerned for her safety due to freezing temperatures overnight.

The National Weather Service reports temperatures in Fort Collins was as low as 29 degrees.

ICON Stock Gains 8%

Shares of ICON Public Limited Company (ICLR) are gaining over 8% on Tuesday morning despite no stock related news from the company. U.S. stocks are rising on Tuesday morning, with several big tech companies set to report earnings results after the bell.

ICLR is currently trading at $193.66, up $14.75 or 8.24%, on the Nasdaq. The stock the opened its trading at $183.28 after closing Monday’s trading at $178.91. The stock has traded between $171.43 and $313.00 in the past 52-week period.

ICON is a clinical research organization that provides outsourced development and commercialization services in Ireland, rest of Europe, the United States, and internationally.