Feb 1 (Reuters) - Illinois Tool Works missed analysts' expectations for fourth-quarter revenue on Thursday, as the industrial tool maker took a hit from lower customer spending and the UAW strikes, sending its shares down nearly 3% before the bell.
High borrowing costs have forced companies to cut down expenses, causing a slowdown in demand for Illinois Tool Works that manufactures industrial equipment for clients in the automotive, construction and food equipment industries across the globe.
In October, the company forecast a hit to its automotive segment due to a workers' strike at Ford Motor, General Motors and Stellantis. The Detroit Three automakers are major customers for Illinois Tool Works.
Total revenue for Illinois Tool Works for the quarter ended Dec. 31 rose marginally to $3.98 billion from a year earlier and came in below analysts' average expectation of $4.01 billion, according to LSEG data.
Net income fell to $717 million, or $2.38 per share, from $907 million, or $2.95 per share. (Reporting by Shivansh Tiwary in Bengaluru; Editing by Shinjini Ganguli)
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High borrowing costs have forced companies to cut down expenses, causing a slowdown in demand for Illinois Tool Works that manufactures industrial equipment for clients in the automotive, construction and food equipment industries across the globe.
In October, the company forecast a hit to its automotive segment due to a workers' strike at Ford Motor, General Motors and Stellantis. The Detroit Three automakers are major customers for Illinois Tool Works.
Total revenue for Illinois Tool Works for the quarter ended Dec. 31 rose marginally to $3.98 billion from a year earlier and came in below analysts' average expectation of $4.01 billion, according to LSEG data.
Net income fell to $717 million, or $2.38 per share, from $907 million, or $2.95 per share. (Reporting by Shivansh Tiwary in Bengaluru; Editing by Shinjini Ganguli)
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