GLENVIEW, Ill. (AP) -- Illinois Tool Works Inc.'s second-quarter profit beat market expectations, but its revenue fell short of Wall Street forecasts because of weak demand in international markets.
The manufacturer lowered its full-year forecast and its shares fell in Tuesday afternoon trading.
The company, based in Glenview, Ill. makes construction materials, welding equipment and restaurant supplies. It made $881 million, or $1.85 per share, for the quarter that ended June 30. That compares with $499 million, or 99 cents per share, in the same period last year. It earned $1.11 per share from continuing operations versus 96 cents per share last year. Revenue rose less than 1 percent to $4.66 billion from $4.62 billion.
Analysts polled by FactSet expected the company $1.10 per share on revenue of $4.86 billion.
The company was affected by slower demand overseas and the negative impact of currency exchange rates. It expects demand will continue to be sluggish and lowered its forecast.
Illinois Tool Works now expects to earn $4.03 to $4.19 per share for the year from continuing operations. Its previous range was $4.14 to $4.38. Analysts expected the company to earn $4.19 per share for the year. The company expects revenue growth from continuing operations of 1 to 3 percent. The prior forecast was 5 to 7 percent growth.
Illinois Tool Works also said it expects to earn $1.03 to $1.11 per share from continuing operations in the third quarter. Analysts estimate $1.10 per share. Revenue from continuing operations the period could range from a 1 percent drop to 1 percent gain.
Shares fell $1.51, or 2.8 percent, to $52.06. The stock has traded between $39.12 and $58.27 in the past 52 weeks.
