By Dave Sebastian

 

Illinois Tool Works Inc. said it lowered its earnings guidance for 2021 due to actual and anticipated lower auto-production levels in the third and fourth quarters versus prior guidance.

The Glenview, Ill.-based manufacturing company on Thursday said it expects earnings of $8.30 a share to $8.50 a share, compared with its prior outlook of $8.55 a share to $8.95 a share.

Illinois Tool Works said it expects price to offset raw-material cost increases.

The company said it sees revenue growth of 13% to 14% and organic growth of 11% to 12%. It previously expected organic growth of 11% to 13%.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

October 28, 2021 08:36 ET (12:36 GMT)

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