ITW reports revenue decrease for 2020

GLENVIEW - Illinois Tool Works Inc. Friday reported revenue of $12.6 billion in fiscal year 2020, a declined 10.9% from 2019. Business divestitures reduced revenue by 0.9 percent and foreign currency translation impact was unfavorable by 0.2 percent, the company said.

Revenue in the fourth quarter was up 0.2 percent versus the prior year, at $3.5 billion. For the year, after-tax return on invested capital was 26.2%.

"Looking back at 2020 in its entirety, our people around the world provided another meaningful demonstration of the power of the ITW Business Model and the differentiating value of our decentralized entrepreneurial culture in how the company responded to the unprecedented events and challenges of the past year," said E. Scott Santi, chairman and chief executive officer.

Glenview-based ITW is a Fortune 200 company that owns multiple industrial and manufacturing businesses around the world.