By Will Feuer
Illinois Tool Works Inc. posted higher third-quarter sales and earnings even as the runup in the U.S. dollar weighed on results.
The Glenview, Ill.-based industrial products and equipment manufacturer said net income rose to $727 million, or $2.35 a share, from $639 million, or $2.02 a share, a year earlier. Analysts surveyed by FactSet were looking for earnings of $2.25 a share.
Revenue rose 13% to $4.01 billion. Analysts were expecting revenue of $3.89 billion, according to FactSet.
Currency translations reduced revenue by 6% and earnings by 13 cents a share, the company said.
The company did get hit by softening demand and some inventory destocking in some of its end markets, Chairman and Chief Executive E. Scott Santi said.
“While it is clear that the economic outlook is becoming increasingly uncertain, demand remains strong across the majority of our business portfolio,” he said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
October 25, 2022 08:25 ET (12:25 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Read More: Illinois Tool Works Grows 3Q Sales Despite Currency Hit