RTTNews | Oct 28, 2021 08:32AM EDT

08:32 Thursday, October 28, 2021 (RTTNews.com) - While reporting financial results for the third quarter on Thursday, Illinois Tool Works, Inc. (ITW) slashed its earnings, revenue and organic revenue guidance for the full-year 2021.

For fiscal 2021, the company now projects earnings in the range of $8.30 to $8.50 per share on revenue growth of 13 to 14 percent, with organic revenue growth of 11 to 12 percent.

Previously, the company expected earnings in the range of $8.55 to $8.95 per share on revenue growth of 14 to 16 percent, with organic revenue growth of 11 to 13 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.69 per share on revenue growth of 14.7 percent to $14.42 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, net income increased to $639 million or $2.02 per share from $582 million or $1.83 per share in the year-ago quarter. Revenues for the quarter grew 8 percent to $3.56 billion from $3.31 billion in the same quarter last year, with organic revenue growth of 6 percent. The Street was looking for earnings of $2.01 per share on revenue of $3.56 billion for the quarter.

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