Shares of Illinois Tool Works (ITW) were recently falling 2.9% following the company�s 2013 organic revenue forecast, which cited sluggishness in Europe, Asia, and North America.
ITW said today that 2013 organic revenue will grow 1% to 3% from 2012 (it is expected to increase 2% year-over-year this year, below the company�s previous estimates of growth between 3% and 5%).
Although Europe was not surprisingly weaker than expected, the company also sees organic revenue growth from Asia inching up just 1% this year.
Next year, ITW said organic revenue growth in the Europe, Middle East and Africa region will be flat, while an economic recovery in China will help to boost Asia, which it sees growing organic revenue between 2% and 4%. That is the same range it is predicting for North America, down from 5% this year: While 2012 started off strongly for the firm, it said it has seen a slowdown in the second half, which it expects to continue into next year.
The guidance was released as part of the firm�s five-year outlook from its investor�s conference. The stock hit a 52-week high last month.
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