ITW grows revenues in second quarter

Posted8/2/2022 2:04 PM

GLENVIEW -- Illinois Tool Works Inc. reported fiscal year second quarter revenue of $4.0 billion, up 9% over the same period last year. The acquisition of MTS contributed 3% to revenue while unfavorable foreign currency translation reduced revenue by 4%, the company said.

Six of seven segments delivered positive organic growth in the quarter, led by Food Equipment up 25%, Welding up 22%, Construction Products up 15%, Polymers & Fluids up 10%, Automotive parts up 6%, and Test & Measurement and Electronics up 1% due to a difficult year-over-year comparison, ITW said.


Looking ahead at the remainder of 2022, based on the company's first half results and current levels of demand, ITW is projecting full-year revenue growth in the range of 6% to 9%, said E. Scott Santi, chairman and chief executive officer.

Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.