Illinois Tool Works (NYSE: ITW) reported earnings on April 23. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 31 (Q1), Illinois Tool Works missed estimates on revenues and met expectations on earnings per share.

Compared to the prior-year quarter, revenue contracted. Non-GAAP earnings per share dropped. GAAP earnings per share dropped significantly.

Gross margins increased, operating margins grew, net margins dropped.

Revenue details
 Illinois Tool Works chalked up revenue of $4.01 billion. The 15 analysts polled by S&P Capital IQ expected to see revenue of $4.28 billion on the same basis. GAAP reported sales were 12% lower than the prior-year quarter's $4.55 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at $0.96. The 18 earnings estimates compiled by S&P Capital IQ predicted $0.96 per share. Non-GAAP EPS of $0.96 for Q1 were 1.0% lower than the prior-year quarter's $0.97 per share. (The prior-year quarter included $0.03 per share in earnings from discontinued operations.) GAAP EPS of $0.78 for Q1 were 22% lower than the prior-year quarter's $1.00 per share. (The prior-year quarter included $0.03 per share in earnings from discontinued operations.)

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 37.6%, 160 basis points better than the prior-year quarter. Operating margin was 16.5%, 100 basis points better than the prior-year quarter. Net margin was 8.8%, 190 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $4.50 billion. On the bottom line, the average EPS estimate is $1.12.

Next year's average estimate for revenue is $17.45 billion. The average EPS estimate is $4.26.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 762 members out of 789 rating the stock outperform, and 27 members rating it underperform. Among 244 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 240 give Illinois Tool Works a green thumbs-up, and four give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Illinois Tool Works is outperform, with an average price target of $68.00.

Looking for alternatives to Illinois Tool Works? It takes more than great companies to build a fortune for the future. Learn the basic financial habits of millionaires next door and get focused stock ideas in our free report, "3 Stocks That Will Help You Retire Rich." Click here for instant access to this free report.