Illinois Tool Works Inc. (ITW) on Friday reported lower profit for the third quarter, even as revenue inched up from the prior year. Earnings topped Wall Street estimates, while revenue came in slightly below expectations. The company also narrowed its full-year earnings outlook range.
Net income fell to $821 million, or $2.81 per share, from $1.16 billion, or $3.91 per share, a year earlier. The decline was partly due to the absence of a one-time $379 million gain in other income recorded in the prior-year quarter.
On average, 12 analysts were expecting earnings of $2.70 per share for the quarter. Analysts estimates typically exclude special items.
Operating income edged up to $1.11 billion from $1.05 billion, supported by modest sales growth.
Revenue for the quarter rose marginally to $4.059 billion from $3.966 billion last year, missing the consensus estimate of $4.09 billion.
For the full year, Illinois Tool Works now expects earnings per share between $10.40 and $10.50, compared with its prior guidance of $10.35 to $10.55. It continues to project revenue growth of 1% to 3%, with organic growth between flat and 2%.
Wall Street expects full-year earnings of $10.40 per share on 1.13% revenue growth. Shares of Illinois Tool Works were down more than 3% in premarket trading Friday, following Thursday's close of $257.44.
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