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ITW Cuts Fourth-Quarter View on Slow Revenue Growth

Diversified manufacturer Illinois Tool Works warned it was cutting its forecast profit range for the fourth quarter, citing expected weakness in the North American market.

ITW, which also said it had already suffered two months of lower-than-expected base revenue growth, now expects to earn 72 cents to 74 cents a share in the fourth quarter, compared with a previous range of 77 cents to 81 cents.

Analysts on average had expected fourth-quarter profit of 78 cents a share, according to Reuters Estimates.

The maker of products ranging from fasteners to food service equipment said operating revenue had risen 10% for the three-month period ended Nov. 30 and that it anticipated weak sales in North America in December.

ITW's fourth-quarter and fiscal year end Dec. 31, but the company commonly provides trailing three-month revenue figures as a performance indicator.