Illinois Tool Works Reports Higher Profit, Lower Revenue

By Patrick Thomas

Illinois Tool Works Inc. (ITW) said its profit rose for its third quarter, beating Wall Street estimates, while revenue fell nearly 4% from a year earlier.

The Glenview, Ill.- based industrial conglomerate reported a profit of $660 million, or $2.04 a share, compared with $638 million, or 1.90 a share, a year ago.

Analysts polled by FactSet were expecting earnings of $1.94 a share.

Revenue fell to $3.48 billion from $3.61 billion a year earlier. Analysts had expected $3.54 billion of revenue in the quarter. The company said it expects organic revenue to be down 1% to 3% for its 2019 fiscal year.

"While the demand environment continued to moderate across a broad cross section of our portfolio, we delivered another solid quarter with excellent operational execution," Chief Executive E. Scott Santi said.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

October 25, 2019 08:25 ET (12:25 GMT)

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