By Matt Grossman
Illinois Tool Works Inc. Friday posted a smaller profit in the latest quarter compared with last year's figure as lower volumes during the coronavirus pandemic dragged on revenue.
The Glenview, Ill.-based industrial products and equipment manufacturer recorded a third-quarter profit of $582 million, or $1.83 a share, compared with a profit of $660 million, or $2.04 a share, in the same three-month period a year earlier.
Analysts surveyed by FactSet expected earnings of $1.44 a share.
Illinois Tool's revenue was $3.31 billion, down from $3.48 billion in last year's third quarter. Analysts had forecast revenue of $2.98 billion.
Revenue in the company's automotive original equipment manufacturing segment fell 4.8% year over year on an organic basis. Food equipment revenue fell 19.5% organically, while the company's polymers-and-fluids and construction-products segments both notched year-over-year organic growth.
Illinois Tool declined to provide forward-looking guidance, having suspended its forecasts in early May due to uncertainty regarding the pandemic.
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(END) Dow Jones Newswires