Oct 30 (Reuters) - Illinois Tool Works ( ITW ) raised

its 2024 profit forecast on Wednesday, citing gains from a

recent divestiture and a lower projected tax rate, sending the

shares of the company up by 2.72% before the opening bell.

The company, however, reported a decline in quarterly

revenue as high borrowing costs and persistent inflation

dampened spending for fasteners and other industrial tools and

equipment supplied by the Illinois-based firm.

ITW now expects an annual profit of $11.63 to $11.73 per

share, from the previous range of $10.30 to $10.40. The company

maintained its revenue and organic growth to be approximately

flat based on current levels of demand and foreign currency

exchange rates.

In August, ITW sold its noncontrolling equity interest in

construction material supplier Wilsonart, with proceeds of $395

million and resulting in a pre-tax gain of $363 million.

The company reported a per-share profit for the quarter

ended Sept. 30 at $3.91, compared with the $2.55, a year ago.

Excluding gains from the divestiture, adjusted per-share profit

was $2.65, representing a 4% increase.

Its third-quarter revenue declined 2% to $4 billion.