Wall Street analysts forecast that Illinois Tool Works (ITW) will report quarterly earnings of $2.50 per share in its upcoming release, pointing to a year-over-year increase of 3.3%. It is anticipated that revenues will amount to $4.01 billion, exhibiting an increase of 0.6% compared to the year-ago quarter.

The consensus EPS estimate for the quarter has undergone a downward revision of 0.5% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.

Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.

That said, let's delve into the average estimates of some Illinois Tool Works metrics that Wall Street analysts commonly model and monitor.

The consensus estimate for 'Operating Revenues- Test & Measurement and Electronics' stands at $740.02 million. The estimate indicates a change of +1.2% from the prior-year quarter.

Based on the collective assessment of analysts, 'Operating Revenues- Construction Products' should arrive at $449.48 million. The estimate points to a change of -2.1% from the year-ago quarter.

The consensus among analysts is that 'Operating Revenues- Food Equipment' will reach $668.86 million. The estimate indicates a year-over-year change of +2.1%.

Analysts predict that the 'Operating Revenues- Specialty Products' will reach $456.36 million. The estimate indicates a year-over-year change of +4.4%.

Analysts expect 'Operating Revenues- Automotive OEM' to come in at $805.27 million. The estimate points to a change of -1.1% from the year-ago quarter.

Analysts forecast 'Operating Revenues- Welding' to reach $456.51 million. The estimate indicates a change of +1.2% from the prior-year quarter.

Analysts' assessment points toward 'Operating Revenues- Polymers & Fluids' reaching $448.87 million. The estimate indicates a change of +2% from the prior-year quarter.

The collective assessment of analysts points to an estimated 'Operating Revenue - Automotive OEM - Organic growth' of -1.3%. Compared to the present estimate, the company reported 7.7% in the same quarter last year.

It is projected by analysts that the 'Operating Income- Automotive OEM' will reach $152.74 million. The estimate is in contrast to the year-ago figure of $143 million.

The combined assessment of analysts suggests that 'Operating Income- Food Equipment' will likely reach $186.87 million. The estimate is in contrast to the year-ago figure of $177 million.

The average prediction of analysts places 'Operating Income- Test & Measurement and Electronics' at $186.88 million. The estimate is in contrast to the year-ago figure of $185 million.

According to the collective judgment of analysts, 'Operating Income- Specialty Products' should come in at $134.76 million. Compared to the present estimate, the company reported $116 million in the same quarter last year.

View all Key Company Metrics for Illinois Tool Works here>>>

Over the past month, Illinois Tool Works shares have recorded returns of +4% versus the Zacks S&P 500 composite's +2.9% change. Based on its Zacks Rank #4 (Sell), ITW will likely underperform the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

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