GLENVIEW, Ill. (AP) _ Illinois Tool Works Inc. (ITW) on Friday reported third-quarter profit of $582 million.

The Glenview, Illinois-based company said it had net income of $1.83 per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.45 per share.

The equipment manufacturer for the transportation, power, food and construction industries posted revenue of $3.31 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $2.95 billion.

Illinois Tool Works shares have increased 12% since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 7%. The stock has increased 25% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ITW at https://www.zacks.com/ap/ITW

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