Business

ITW reports fiscal year revenue growth

Posted February 02, 2022 10:00 pm

GLENVIEW - Illinois Tool Works Inc. Thursday reported its fourth quarter and full fiscal year financial results, including annual revenue up 15% to $14.5 billion.

"In the fourth quarter, we saw continued strong growth momentum as six of our seven segments delivered combined organic growth of 12%, while our Automotive (original equipment manufacturers) parts segment continued to be impacted by limitations on auto production due to component supply shortages," said E. Scott Santi, chairman and chief executive officer. "In what remains a very challenging and volatile operating environment, our teams around the world continue to do an exceptional job of delivering for our customers, responding decisively to rapidly rising input costs, and executing our 'Win the Recovery' strategy to accelerate profitable market penetration and organic growth across our portfolio."

All seven segments delivered strong annual organic revenue growth, the company said, led by Welding up 18%, Food Equipment up 17%, Test & Measurement and Electronics up 15%, Construction Products up 14%, Specialty Products and Polymers & Fluids both up 10% and Automotive OEM up 6%.

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