Illinois Tool Works trims 2024 profit forecast on slowing demand for tools
July 30 (Reuters) -Illinois Tool Works ITW.N cut its annual profit forecast on Tuesday, as high borrowing rates and sticky inflation led to lower spending on industrial equipment by its customers.
Increased borrowing costs have curtailed corporate expenditure and resulted in slowing demand for fasteners and other industrial tools and equipment supplied by the Illinois-based company.
The industrial company now expects its 2024 profit per share to be in the range of $10.30 to $10.40, compared with its previous forecast of $10.30 to $10.70.
"While the demand environment continued to moderate across our portfolio, we delivered a solid quarter with strong operational execution and profitability," CEO Christopher O'Herlihy said.
The company reported a profit of $2.54 per share for the second quarter ended June 30, above analysts estimates of $2.48 per share, according to LSEG data.
The profit beat helped the company's shares which were up 4.4% in premarket trading.
Revenue for the quarter fell 1.2% to $4.03 billion, below Wall Street expectations of $4.08 billion.
Reporting by Shivansh Tiwary in Bengaluru; Editing by Shailesh Kuber
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