Illinois Tool Works Q3 Earnings Miss Estimates, Lowers Guidance Due To Ongoing Automotive Industry Labor Actions
Portfolio Pulse from Nabaparna Bhattacharya
Illinois Tool Works Inc. (NYSE:ITW) reported Q3 FY23 revenue growth of 0.5% YoY to $4.031 billion, missing the consensus of $4.09 billion. The company lowered its full-year GAAP EPS guidance due to the impact of ongoing automotive industry labor actions. ITW's shares traded lower by 0.21% at $221.99 on last check Tuesday.
October 24, 2023 | 4:47 pm
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Illinois Tool Works missed Q3 revenue estimates and lowered its full-year guidance, causing its stock to trade lower.
Illinois Tool Works reported lower than expected Q3 revenue and lowered its full-year guidance due to ongoing labor actions in the automotive industry. This negative news is likely to put downward pressure on the company's stock in the short term.
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