In a story Oct. 20 about Illinois Tool Works Inc.'s results, which are generated by Automated Insights using data from Zacks Investment Research, The Associated Press reported erroneously that the company's earnings missed expectations. The company's quarterly net income beat estimates.
A corrected version of the story is below:
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Illinois Tool Works beats 3Q profit forecasts
Illinois Tool Works beats 3Q earnings expectations, tops revenue forecasts
GLENVIEW, Ill. (AP) — Illinois Tool Works Inc. (ITW) on Thursday reported third-quarter profit of $535 million.
The Glenview, Illinois-based company said it had profit of $1.50 per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.49 per share.
The equipment manufacturer for the transportation, power, food and construction industries posted revenue of $3.5 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $3.49 billion.
Illinois Tool Works expects full-year earnings to be $5.56 to $5.66 per share.
Illinois Tool Works shares have risen 25 percent since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 5 percent. The stock has increased 38 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ITW at http://www.zacks.com/ap/ITW
Keywords: Illinois Tool Works, Earnings Report