Illinois Tool Works raises annual profit forecast on strong industrial demand

• The industrial parts and equipment maker benefited from resilient demand for its welding, testing and specialty chemicals products even amid economic uncertainty.
• The company now sees 2026 adjusted per share profit between $11.35 and $11.55, from its prior expectations of $11.10 to $11.50 per share.
• Illinois Tool Works now sees annual revenue growth of 4% to 5%, compared with its previous forecast of 2% to 4%.
• Its revenue in the Test & Measurement and Electronics business grew 12% to $769 million and Polymers & Fluids business rose 8.7% to $476 million from a year earlier.
• Quarterly revenue for the automotive OEM segment, the biggest contributor to overall revenue, was $857 million, compared with $845 million a year ago. The segment supplies components and fasteners to automakers including Ford F.N and BMW BMWG.DE.
• Its profit rose 10% to $2.84 per share in the quarter ended June 30, up from $2.58 per share a year ago. Analysts, on an average, expected a profit of $2.79 per share.
• Illinois Tool Works' second-quarter revenue rose 6.1% to $4.3 billion, compared with $4.05 billion a year earlier.

July 28 (Reuters) - Illinois Tool Works ITW.N on Tuesday lifted its annual profit forecast above Wall Street estimates after posting a better-than-expected profit for the second quarter, driven by strong demand in its welding and industrial testing businesses.

Shares of the company rose more than 3% in premarket trading.