Ill. Tool Works Lowers 3Q Forecast
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GLENVIEW, Ill. (AP) _ Illinois Tool Works Inc. said Monday it lowered its forecast for fiscal third-quarter earnings to 75 cents to 80 cents a share, excluding goodwill amortization.
The new estimate for the quarter ended Aug. 31 falls just shy of analysts’ average estimate of 82 cents a share, according to Thomson/First Call.
Glenview, Ill., diversified manufacturer had previously expected to earn 75 cents to 85 cents a share for the third quarter.
Ill. Tool Works said it expects a 3 percent growth in operating revenue for the three months. Acquisitions will contribute 2 percent of the growth from acquisitions and currency effects 3 percent. This will be offset by a 2 percent decline from base businesses, the company said.
The company maintains its 2002 earnings from continuing operations of $3.02 to $3.22 a share, in line with analysts’ expectations of $3.15 a share.
New York Stock Exchange-listed Ill. Tool Works shares closed Monday at $61.05, down $2.25, or 3.6 percent.