Illinois Tool Works Reports Second Quarter Increase
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.