Illinois Tool Works (NYSE: ITW) is expected to report Q3 earnings on Oct. 23. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Illinois Tool Works's revenues will decrease -0.1% and EPS will grow 6.0%.

The average estimate for revenue is $4.57 billion. On the bottom line, the average EPS estimate is $1.06.

Revenue details
 Last quarter, Illinois Tool Works recorded revenue of $4.66 billion. GAAP reported sales were 0.9% higher than the prior-year quarter's $4.62 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $1.11. GAAP EPS of $1.85 for Q2 were 87% higher than the prior-year quarter's $0.99 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 36.3%, 120 basis points better than the prior-year quarter. Operating margin was 16.5%, 110 basis points better than the prior-year quarter. Net margin was 18.9%, 810 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $18.16 billion. The average EPS estimate is $4.12.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 756 members out of 782 rating the stock outperform, and 26 members rating it underperform. Among 226 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 222 give Illinois Tool Works a green thumbs-up, and four give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Illinois Tool Works is outperform, with an average price target of $61.13.

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