Illinois Tool Works Inc. (ITW) - Get Report  fell on Thursday, April 26, after reporting weaker-than-expected results in its automotive segment and organic growth even as its first-quarter earnings exceeded expectations.

The Glenview, Ill.-based industrial product manufacturer posted earnings of $1.90 per share, which topped analysts' estimates of $1.85 per share, according to FactSet. Revenue rose 8% to $3.7 billion, which narrowly beat forecasts calling for $3.69 billion. Operating income was up 12% to $903 million.

"Despite lower than expected auto builds impacting our Automotive OEM segment, we delivered three percent organic revenue growth which, along with strong execution on our enterprise initiatives and disciplined price/cost management, resulted in operating earnings growth of 12 percent year on year for the quarter," Chairman and CEO E. Scott Santi said in a statement. "As we look ahead at the balance of the year, the combination of ITW's resilient high-quality business portfolio, positive underlying demand trends, and additional benefits from enterprise initiatives have the company well positioned for continued top and bottom line growth."

Illinois Tool Works, which is a holding in Jim Cramer's Action Alerts PLUS charitable trust portfolio, raised its full-year earnings guidance to a range of $7.60 to $7.80 per share, up from its prior outlook of $7.45 to $7.65 per share.

Shares of Illinois Tool Works fell 4.5% to $144.80 at 2 p.m. New York time.  

"What we feel is driving today's trading action was the soft organic revenue growth number of 2.6%," Jim Cramer and the AAP team wrote in a note to subscribers. "This number fell short of the 3% to 4% guide that management previously communicated, and much of the disappoint is from a weaker than expected organic sales number in Automotive OEM."

Given the stock's weakness Thursday, however, the AAP team bought ITW shares.

-- This story has been updated to include commentary from the Action Alerts PLUS team.