Business

ITW grows revenues in second quarter

Posted August 01, 2022 11:00 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.

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