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ITW's 1Q earnings up 7 percent

GLENVIEW - Illinois Tool Works reported first quarter 2016 diluted earnings per share of $1.29, a 7 percent increase compared to the year-ago period.

Operating margin increased 120 basis points to 22.1 percent and organic revenue increased 1 percent. The company's ongoing Product Line Simplification activities reduced organic revenue growth by 1 percentage-point.

"We are pleased with ITW's strong start to 2016," said E. Scott Santi, Chairman and Chief Executive Officer. "In a challenging environment, the company continued to deliver meaningful improvement in all of our key performance metrics: organic growth, EPS, operating margin, return on invested capital, and free cash flow. Consistent with our strategy, we continue to execute the steps necessary to position the company to deliver solid above-market organic growth with best-in-class margins and returns. In the current economic environment and over the long-term, ITW's unique business model and our proven track record of operational execution position us very well for continued differentiated performance."

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