Shares of Illinois Tool Works (ITW) - Get Report jumped Friday after a strong third-quarter-earnings report from the toolmaker.

The Glenview, Ill., industrial group's net income rose to $2.04 a share from $1.90 a share in the year-earlier period. Revenue slipped 3.7% to $3.48 billion.

A survey of analysts by FactSet was expecting earnings of $1.94 a share on revenue of $3.54 billion.

Operating margin widened 0.4 percentage point to 25%; free cash flow rose 12% to $830 million; and after-tax return on invested capital added 1.2 percentage points to

ITW delivered the results even as "the demand environment continued to moderate across a broad cross section of our portfolio," Chief Executive E. Scott Santi said in a statement.

The company affirmed its full-year 2019 GAAP EPS guidance of $7.55 to $7.85 a share, compared with $7.60 in 2018. FactSet's survey was looking for $7.58.

 Illinois Tool Works stock at last check traded at $170.94, up 6.8%. Through Thursday's close, ITW stock had been up 26% in 2019.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.