UPDATE: Illinois Tool Works Reports Upbeat Q1 Results, Raises Outlook

Illinois Tool Works Inc ITW reported its Q1 profit at $623 million, or $1.24 per share, versus $334 million, or $0.66 per share, in the year-earlier period. ITW's total revenue increased 17% to $4.39 billion. However, analysts were expecting a profit of $0.85 per share on revenue of $4.18 billion. Illinois Tool Works boosted its full-year earnings forecast to a range of $4.16 to $4.34 per share, versus analysts' estimates of $3.80 per share. ITW shares gained 5.68% to $57.50 in pre-market trading. Read more from Benzinga's Company news.