Illinois Tool Works 3Q Net Income, Revenue Higher

By Denny Jacob

Illinois Tool Works posted higher top- and bottom-line results in the latest quarter.

The manufacturing company logged net income of $772 million, or $2.55 a share, for the third quarter ended Sept. 30, up from $727 million, or $2.35 a share, a year earlier. Analysts polled by FactSet had expected earnings of $2.46 a share.

Operating revenue edged up to $4.03 billion from $4.01 billion a year ago. Analysts polled by FactSet had expected $4.01 billion.

Chief Executive Scott Santi said while the company expects some impact from ongoing automotive industry labor actions on its automotive OEM segment in the fourth quarter, it anticipates another strong year of performance in 2023.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

October 24, 2023 08:45 ET (12:45 GMT)

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