July 30 (Reuters) - Illinois Tool Works ( ITW ) cut its

annual profit forecast on Tuesday, as high borrowing rates and

sticky inflation led to lower spending on industrial equipment

by its customers.

Increased borrowing costs have curtailed corporate

expenditure and resulted in slowing demand for fasteners and

other industrial tools and equipment supplied by the

Illinois-based company.

The industrial company now expects its 2024 profit per share

to be in the range of $10.30 to $10.40, compared with its

previous forecast of $10.30 to $10.70.

"While the demand environment continued to moderate across

our portfolio, we delivered a solid quarter with strong

operational execution and profitability," CEO Christopher

O'Herlihy said.

The company reported a profit of $2.54 per share for the

second quarter ended June 30, above analysts estimates of $2.48

per share, according to LSEG data.

The profit beat helped the company's shares which were up

4.4% in premarket trading.

Revenue for the quarter fell 1.2% to $4.03 billion, below

Wall Street expectations of $4.08 billion.