Illinois Tool Works Posts $855 Million Q3 Profit, Beats EPS Estimates but Revenue Falls Short

Illinois Tool Works Inc. (ITW) on Tuesday reported third-quarter net income of $855 million, or $3 per share, beating Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.99 per share. The Glenview, Illinois-based equipment manufacturer posted revenue of $4.24 billion for the period, missing Street forecasts. Five analysts surveyed by Zacks expected $4.26 billion. The company, which makes equipment for the transportation, power, food and construction industries, expects full-year earnings of $11.45 to $11.55 per share.