CHICAGO, July 23 (Reuters) - Illinois Tool Works Inc reported a lower-than-expected profit on Tuesday and cut its full-year outlook, as strong sales to the rebounding auto industry failed to offset weak demand for its packaging, polymer, fluid and welding products from other industrial customers.
The diversified manufacturer, which is in the middle of a restructuring of its sprawling operations, reported second-quarter earnings per share from continuing operations of $464 million, or $1.03, down from $519 million, or $1.09 a share, a year before.
Excluding a 5 cent-a-share pension settlement charge, Illinois Tool posted a second-quarter adjusted profit of $1.08 a share. On that basis, analysts, on average, had expected it to report an profit of $1.10 a share, according to Reuters estimates.
Illinois Tool also cut its forecast for full-year earnings per share from continuing operations to a range of $4.10 to $4.30, down from a previous forecasted range of $4.15 to $4.35.
The Glenview, Illinois-based company, which makes everything from industrial goods and adhesives to kitchen equipment, said total revenue slipped 5.4 percent to $4.2 billion during the most recent quarter.