In its upcoming report, Illinois Tool Works (ITW Quick QuoteITW - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $2.52 per share, reflecting a decline of 1.2% compared to the same period last year. Revenues are forecasted to be $4.02 billion, representing a year-over-year decrease of 0.3%.

The consensus EPS estimate for the quarter has undergone a downward revision of 1.3% 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.

Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements 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.

In light of this perspective, let's dive into the average estimates of certain Illinois Tool Works metrics that are commonly tracked and forecasted by Wall Street analysts.

The collective assessment of analysts points to an estimated 'Operating Revenues- Test & Measurement and Electronics' of $697.72 million. The estimate suggests a change of 0% year over year.

Analysts forecast 'Operating Revenues- Construction Products' to reach $517.96 million. The estimate suggests a change of -0.8% year over year.

Analysts expect 'Operating Revenues- Food Equipment' to come in at $698.97 million. The estimate points to a change of +3.1% from the year-ago quarter.

Analysts' assessment points toward 'Operating Revenues- Specialty Products' reaching $419.73 million. The estimate suggests a change of +1.4% year over year.

The average prediction of analysts places 'Operating Revenues- Automotive OEM' at $794.52 million. The estimate points to a change of -0.6% from the year-ago quarter.

Based on the collective assessment of analysts, 'Operating Revenues- Welding' should arrive at $461.71 million. The estimate suggests a change of -1.3% year over year.

The combined assessment of analysts suggests that 'Operating Revenues- Polymers & Fluids' will likely reach $462.52 million. The estimate indicates a year-over-year change of +1%.

The consensus among analysts is that 'Operating Revenue - Automotive OEM - Organic growth' will reach 1.0%. Compared to the present estimate, the company reported 3.8% in the same quarter last year.

Analysts predict that the 'Operating Revenue - Food Equipment - Organic growth' will reach 3.3%. The estimate is in contrast to the year-ago figure of 6.3%.

The consensus estimate for 'Operating Revenue - Polymers & Fluids - Organic growth' stands at 1.6%. The estimate is in contrast to the year-ago figure of 3.4%.

According to the collective judgment of analysts, 'Operating Income- Automotive OEM' should come in at $151.41 million. The estimate compares to the year-ago value of $151 million.

It is projected by analysts that the 'Operating Income- Food Equipment' will reach $192.12 million. Compared to the current estimate, the company reported $185 million in the same quarter of the previous year.

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

Shares of Illinois Tool Works have experienced a change of -2.5% in the past month compared to the +1.4% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), ITW is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>