Illinois Tool posts higher profit

NEW YORK Oct 22 (Reuters) - Illinois Tool Works Inc reported a higher quarterly profit on Tuesday as North American demand offset slow international markets.

The diversified manufacturer of construction materials, welding equipment and restaurant supplies reported net earnings of $524 million, or $1.12 per share, compared with $507 million, or $1.04 per share, a year earlier.

Sales dipped 2 percent to $4.50 billion, hurt by a stronger dollar, and were below Wall Street estimates of $4.58 billion.