Business

ITW reports first quarter 2022 results

Posted May 02, 2022 11:00 pm

GLENVIEW - Illinois Tool Works Inc. reported revenue grew 11.2% to $3.9 billion in its fiscal year first quarter.

Six of seven business segments delivered positive organic growth, the company said, led by Food Equipment up 28%, Construction Products up 21%, Welding and Polymers & Fluids both up 13%, Test & Measurement and Electronics up 8%, and Specialty Products up 1%. Organic revenue was down 1% in Automotive parts because of production limitations related to component supply shortages, ITW said.

"In what remains a challenging and dynamic environment, our ITW business teams around the world continue to do an exceptional job" leveraging the company's advantaged supply position to support customers and execute its Win the Recovery business strategy, said E. Scott Santi, chairman and chief executive officer.

ITW is a Fortune 200 global multi-industrial manufacturing leader with revenues totaling $14.5 billion in 2021.

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