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.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100