Illinois Tool sees inline 3Q, raises 2008 outlook

The company also reported its second-quarter earnings rose 4 percent, helped by an acquisition and foreign currency exchange gains.

Shares rose 45 cents to close at $47 Thursday.

Illinois Tool Works expects third-quarter earnings from continuing operations of 93 cents to 99 cents per share, assuming sales growth of about 10 percent to 14 percent from the 2007 third quarter.

Analysts polled by Thomson Financial predict a profit of 95 cents per share.

For the full-year, Illinois Tool Works expects earnings from continuing operations of $3.40 to $3.52 per share, compared with a previous prediction of $3.35 to $3.49 per share. The new forecast is based on sales growth of 9 percent to 12 percent.

Analysts forecast income of $3.64 per share for the year.