Shares of Illinois Tool Works (ITW) are down 5.9% in premarket trading as the company cut its guidance for the year, citing the impact of currency fluctuations. The company has said previously that it could be hurt by a stronger U.S. dollar. The company is now expecting annual earnings per share of $7.50 to $7.70, compared with $7.60 to $7.80 before. ITW said its working to overcome the currency challenges, as well as rising raw material costs. (austen.hufford@wsj.com; @austenhufford)

(END) Dow Jones Newswires

July 23, 2018 08:53 ET (12:53 GMT)

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