Illinois Tool cuts full-year sales forecast on weak demand
CHICAGO, April 23
CHICAGO, April 23 (Reuters) - Illinois Tool Works Inc lowered its full-year sales forecast on Tuesday, citing "softer-than-anticipated demand" for many of its products.
The diversified manufacturer said it now expects organic sales growth, which excludes the effect of acquisitions, of nil to 2 percent this year, down from a previous forecast of 3 percent to 5 percent.
ITW also said it now expects full-year earnings from continuing operations of $4.15 to $4.35 per share. In January it forecast $4.17 to $4.37. It pointed out that the mid-point of both estimates was the same: $4.25.
The forecast adjustment came as ITW, which manufactures a range of automotive, test and measurement, food equipment, construction, polymers and fluids and other specialty products, reported a first-quarter profit in line with analysts' expectations.
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