ITW Reports Fourth Quarter and Full Year Results
January 31 2020 - 8:00AM
Illinois Tool Works Inc. (NYSE: ITW) today reported its
fourth-quarter and full-year 2019 results.
“The ITW team closed out 2019 with another
quarter of strong execution and resilient financial performance,”
said E. Scott Santi, chairman and chief executive officer. “Despite
near-term macro challenges, we grew earnings per share nine
percent, delivered 24.1 percent operating margin excluding higher
restructuring expenses and improved after-tax return on invested
capital 120 basis points to 28.9 percent.”
“For the year, in a contracting industrial
demand environment including a six percent decline in global auto
builds, ITW grew earnings per share five percent excluding the
impact of foreign currency headwinds, higher restructuring expenses
and divestiture gains. We expanded operating margin to 24.4
percent excluding higher restructuring expenses, improved after-tax
return on invested capital to 28.7 percent, increased free cash
flow nine percent and returned $2.8 billion to shareholders in the
form of dividends and share repurchases. Throughout 2019, we
executed very well on the things within our control and continued
to make meaningful progress on our path to full-potential
performance through the implementation of our ‘Finish the Job’
enterprise strategy agenda. ITW’s proprietary and powerful
business model, diversified high-quality business portfolio and
dedicated team of highly skilled ITW colleagues around the world
position us well to continue to deliver differentiated performance
in 2020 and beyond,” Santi concluded.
2019 ResultsFourth-quarter
revenue of $3.5 billion declined 3.1 percent with organic revenue
down 1.6 percent. Foreign currency translation and
divestitures reduced revenues by 1.0 percent and 0.5 percent,
respectively. Product Line Simplification (PLS) activities reduced
organic revenue by 60 basis points. GAAP EPS increased nine
percent to $1.99 including $0.11 divestiture gains from the sale of
three businesses. Operating margin was 23.7 percent.
Excluding 40 basis points impact from higher restructuring
expenses, operating margin improved 10 basis points to 24.1
percent. Enterprise initiatives contributed 130 basis points
and price/cost was positive 30 basis points. Free cash flow was
$692 million with a 114 percent conversion rate. The
effective tax rate for the fourth quarter was 22.8 percent.
Full year revenue of $14.1 billion declined 4.5
percent with organic revenue down 1.9 percent and unfavorable
foreign currency translation impact of 2.3 percent. PLS reduced
organic revenue by 60 basis points versus 70 basis points in
2018. 2019 GAAP EPS increased two percent to $7.74 including
$0.09 of net gains from divestitures. Operating margin was
24.1 percent. Excluding 30 basis points impact from higher
restructuring expenses, operating margin improved 10 bps to 24.4
percent. Enterprise initiatives contributed 120 basis points
and price/cost was positive 10 basis points. After-tax return
on invested capital was 28.7 percent. Free cash flow
increased nine percent to $2.7 billion. The company repurchased
$1.5 billion of its own shares and raised its dividend seven
percent in August 2019 to an annualized $4.28 per share. The
effective tax rate for the full year was 23.3 percent.
2020 GuidanceThe company
initiated full-year EPS guidance in a range of $7.65 to $8.05 per
share. At current levels of demand, organic growth is
forecast to be in the range of zero to two percent. Foreign
currency translation and divestitures are projected to reduce
revenues by one percentage point each. PLS impact is forecast to
moderate to approximately 50 basis points. Operating margin
is expected to improve and be in a range of 24.5 to 25 percent,
with enterprise initiatives contributing approximately 100 basis
points. Free cash flow is expected to be greater than 100 percent
of net income. The Company expects an effective tax rate in
the range of 23.5 to 24.5 percent and plans to repurchase
approximately $2 billion of its shares in 2020.
Non-GAAP Measures This earnings
release contains certain non-GAAP financial measures. A
reconciliation of these measures to the most directly comparable
GAAP measures is included in the attached supplemental
reconciliation schedule.
Forward-looking Statement This
earnings release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, without limitation, statements regarding diluted
earnings per share, foreign exchange rates, total and organic
revenue growth, operating margin, economic and regulatory
conditions in various geographic regions, price/cost impact,
restructuring expenses, free cash flow, effective tax rate,
after-tax return on invested capital, and timing and amount of
share repurchases. These statements are subject to certain
risks, uncertainties and other factors that could cause actual
results to differ materially from those anticipated. Such
factors include those contained in ITW's Form 10-K for 2018.
About Illinois Tool WorksITW
(NYSE: ITW) is a Fortune 200 global multi-industrial manufacturing
leader with revenues totaling $14.1 billion in 2019. The company’s
seven industry-leading segments leverage the unique ITW Business
Model to drive solid growth with best-in-class margins and returns
in markets where highly innovative, customer-focused solutions are
required. ITW’s approximately 45,000 dedicated colleagues around
the world thrive in the company’s decentralized and entrepreneurial
culture. www.itw.com
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESSTATEMENT OF INCOME
(UNAUDITED)
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
In millions except per share amounts |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Operating Revenue |
$ |
3,469 |
|
|
$ |
3,580 |
|
|
$ |
14,109 |
|
|
$ |
14,768 |
|
|
Cost of revenue |
2,022 |
|
|
2,096 |
|
|
8,187 |
|
|
8,604 |
|
|
Selling, administrative, and research and development expenses |
586 |
|
|
578 |
|
|
2,361 |
|
|
2,391 |
|
|
Amortization and impairment of intangible assets |
37 |
|
|
46 |
|
|
159 |
|
|
189 |
|
|
Operating Income |
824 |
|
|
860 |
|
|
3,402 |
|
|
3,584 |
|
|
Interest expense |
(51 |
) |
|
(63 |
) |
|
(221 |
) |
|
(257 |
) |
|
Other income (expense) |
58 |
|
|
19 |
|
|
107 |
|
|
67 |
|
|
Income Before Taxes |
831 |
|
|
816 |
|
|
3,288 |
|
|
3,394 |
|
|
Income taxes |
190 |
|
|
209 |
|
|
767 |
|
|
831 |
|
|
Net Income |
$ |
641 |
|
|
$ |
607 |
|
|
$ |
2,521 |
|
|
$ |
2,563 |
|
|
|
|
|
|
|
|
|
|
|
Net Income Per Share: |
|
|
|
|
|
|
|
|
Basic |
$ |
2.00 |
|
|
$ |
1.84 |
|
|
$ |
7.78 |
|
|
$ |
7.65 |
|
|
Diluted |
$ |
1.99 |
|
|
$ |
1.83 |
|
|
$ |
7.74 |
|
|
$ |
7.60 |
|
|
|
|
|
|
|
|
|
|
|
Cash Dividends Per Share: |
|
|
|
|
|
|
|
|
Paid |
$ |
1.07 |
|
|
$ |
1.00 |
|
|
$ |
4.07 |
|
|
$ |
3.34 |
|
|
Declared |
$ |
1.07 |
|
|
$ |
1.00 |
|
|
$ |
4.14 |
|
|
$ |
3.56 |
|
|
|
|
|
|
|
|
|
|
|
Shares of Common Stock Outstanding During the Period: |
|
|
|
|
|
|
|
|
Average |
|
321.2 |
|
|
|
329.8 |
|
|
|
323.9 |
|
|
|
335.0 |
|
|
Average assuming dilution |
|
322.9 |
|
|
|
331.6 |
|
|
|
325.6 |
|
|
|
337.1 |
|
|
|
|
|
|
|
|
|
|
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESSTATEMENT OF FINANCIAL POSITION
(UNAUDITED)
|
In millions |
December 31, 2019 |
|
December 31, 2018 |
|
Assets |
|
|
|
|
Current Assets: |
|
|
|
|
Cash and equivalents |
$ |
1,981 |
|
|
$ |
1,504 |
|
|
Trade receivables |
2,461 |
|
|
2,622 |
|
|
Inventories |
1,164 |
|
|
1,318 |
|
|
Prepaid expenses and other current assets |
296 |
|
|
334 |
|
|
Assets held for sale |
351 |
|
|
— |
|
|
Total current assets |
6,253 |
|
|
5,778 |
|
|
|
|
|
|
|
Net plant and equipment |
1,729 |
|
|
1,791 |
|
|
Goodwill |
4,492 |
|
|
4,633 |
|
|
Intangible assets |
851 |
|
|
1,084 |
|
|
Deferred income taxes |
516 |
|
|
554 |
|
|
Other assets |
1,227 |
|
|
1,030 |
|
|
|
$ |
15,068 |
|
|
$ |
14,870 |
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current Liabilities: |
|
|
|
|
Short-term debt |
$ |
4 |
|
|
$ |
1,351 |
|
|
Accounts payable |
472 |
|
|
524 |
|
|
Accrued expenses |
1,217 |
|
|
1,271 |
|
|
Cash dividends payable |
342 |
|
|
328 |
|
|
Income taxes payable |
48 |
|
|
68 |
|
|
Liabilities held for sale |
71 |
|
|
— |
|
|
Total current liabilities |
2,154 |
|
|
3,542 |
|
|
|
|
|
|
|
Noncurrent Liabilities: |
|
|
|
|
Long-term debt |
7,754 |
|
|
6,029 |
|
|
Deferred income taxes |
668 |
|
|
707 |
|
|
Noncurrent income taxes payable |
462 |
|
|
495 |
|
|
Other liabilities |
1,000 |
|
|
839 |
|
|
Total noncurrent liabilities |
9,884 |
|
|
8,070 |
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
Common stock |
6 |
|
|
6 |
|
|
Additional paid-in-capital |
1,304 |
|
|
1,253 |
|
|
Retained earnings |
22,403 |
|
|
21,217 |
|
|
Common stock held in treasury |
(18,982 |
) |
|
(17,545 |
) |
|
Accumulated other comprehensive income (loss) |
(1,705 |
) |
|
(1,677 |
) |
|
Noncontrolling interest |
4 |
|
|
4 |
|
|
Total stockholders’ equity |
3,030 |
|
|
3,258 |
|
|
|
$ |
15,068 |
|
|
$ |
14,870 |
|
|
|
|
|
|
|
|
|
|
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESSEGMENT DATA (UNAUDITED)
|
Three Months Ended December 31, 2019 |
|
Dollars in millions |
TotalRevenue |
OperatingIncome |
OperatingMargin |
|
Automotive OEM |
$ |
725 |
|
$ |
154 |
|
21.2 |
% |
|
Food Equipment |
571 |
|
157 |
|
27.5 |
% |
|
Test & Measurement and Electronics |
552 |
|
155 |
|
28.1 |
% |
|
Welding |
387 |
|
98 |
|
25.4 |
% |
|
Polymers & Fluids |
408 |
|
94 |
|
23.0 |
% |
|
Construction Products |
384 |
|
85 |
|
22.2 |
% |
|
Specialty Products |
446 |
|
109 |
|
24.5 |
% |
|
Intersegment |
(4 |
) |
— |
|
— |
% |
|
Total Segments |
3,469 |
|
852 |
|
24.6 |
% |
|
Unallocated |
— |
|
(28 |
) |
— |
% |
|
Total Company |
$ |
3,469 |
|
$ |
824 |
|
23.7 |
% |
|
Twelve Months Ended December 31, 2019 |
|
Dollars in millions |
TotalRevenue |
OperatingIncome |
OperatingMargin |
|
Automotive OEM |
$ |
3,063 |
|
$ |
659 |
|
21.5 |
% |
|
Food Equipment |
2,188 |
|
578 |
|
26.4 |
% |
|
Test & Measurement and Electronics |
2,121 |
|
542 |
|
25.6 |
% |
|
Welding |
1,638 |
|
453 |
|
27.7 |
% |
|
Polymers & Fluids |
1,669 |
|
381 |
|
22.8 |
% |
|
Construction Products |
1,625 |
|
383 |
|
23.6 |
% |
|
Specialty Products |
1,825 |
|
472 |
|
25.9 |
% |
|
Intersegment |
(20 |
) |
— |
|
— |
% |
|
Total Segments |
14,109 |
|
3,468 |
|
24.6 |
% |
|
Unallocated |
— |
|
(66 |
) |
— |
% |
|
Total Company |
$ |
14,109 |
|
$ |
3,402 |
|
24.1 |
% |
|
|
|
|
|
|
|
|
|
|
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESSEGMENT DATA (UNAUDITED)
|
Q4 2019 vs. Q4 2018 Favorable/(Unfavorable) |
|
Operating Revenue |
AutomotiveOEM |
FoodEquipment |
Test &MeasurementandElectronics |
Welding |
Polymers& Fluids |
ConstructionProducts |
SpecialtyProducts |
Total ITW |
|
Organic |
(5.4 |
)% |
|
1.7 |
% |
|
4.0 |
% |
|
(3.7 |
)% |
|
(2.0 |
)% |
|
(1.2 |
)% |
|
(3.4 |
)% |
|
(1.6 |
)% |
|
Acquisitions/ Divestitures |
— |
% |
|
— |
% |
|
(0.7 |
)% |
|
(2.5 |
)% |
|
— |
% |
|
— |
% |
|
(0.8 |
)% |
|
(0.5 |
)% |
|
Translation |
(1.4 |
)% |
|
(1.1 |
)% |
|
(0.7 |
)% |
|
(0.2 |
)% |
|
(1.4 |
)% |
|
(1.9 |
)% |
|
(0.8 |
)% |
|
(1.0 |
)% |
|
Operating Revenue |
(6.8 |
)% |
|
0.6 |
% |
|
2.6 |
% |
|
(6.4 |
)% |
|
(3.4 |
)% |
|
(3.1 |
)% |
|
(5.0 |
)% |
|
(3.1 |
)% |
|
Q4 2019 vs. Q4 2018 Favorable/(Unfavorable) |
|
Change in Operating Margin |
AutomotiveOEM |
FoodEquipment |
Test &MeasurementandElectronics |
Welding |
Polymers& Fluids |
ConstructionProducts |
SpecialtyProducts |
Total ITW |
|
Operating Leverage |
(100) bps |
20 bps |
90 bps |
(60) bps |
(40) bps |
(20) bps |
(70) bps |
(30) bps |
|
|
|
|
|
|
|
|
|
|
|
Changes in Variable Margin & OH Costs |
90 bps |
130 bps |
230 bps |
(20) bps |
270 bps |
(210) bps |
(20) bps |
40 bps |
|
Total Organic |
(10) bps |
150 bps |
320 bps |
(80) bps |
230 bps |
(230) bps |
(90) bps |
10 bps |
|
Acquisitions/ Divestitures |
— |
— |
20 bps |
20 bps |
— |
— |
20 bps |
10 bps |
|
Restructuring/Other |
(30) bps |
(60) bps |
(10) bps |
(90) bps |
(80) bps |
(40) bps |
(20) bps |
(50) bps |
|
Total Operating Margin Change |
(40) bps |
90 bps |
330 bps |
(150) bps |
150 bps |
(270) bps |
(90) bps |
(30) bps |
|
|
|
|
|
|
|
|
|
|
|
Total Operating Margin % * |
21.2% |
27.5% |
28.1% |
25.4% |
23.0% |
22.2% |
24.5% |
23.7% |
|
|
|
|
|
|
|
|
|
|
|
* Includes unfavorable operating margin impact of amortization
expense from acquisition-related intangible assets |
50 bps |
60 bps |
150 bps |
30 bps |
360 bps |
30 bps |
90 bps |
110 bps ** |
|
** Amortization expense from acquisition-related intangible assets
had an unfavorable impact of ($0.09) on GAAP earnings per share for
the fourth quarter of 2019. |
|
|
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESSEGMENT DATA (UNAUDITED)
|
Full Year 2019 vs Full Year 2018
Favorable/(Unfavorable) |
|
Operating Revenue |
AutomotiveOEM |
FoodEquipment |
Test &MeasurementandElectronics |
Welding |
Polymers& Fluids |
ConstructionProducts |
SpecialtyProducts |
Total ITW |
|
Organic |
(5.4 |
)% |
1.1 |
% |
(0.3 |
)% |
(1.2 |
)% |
— |
% |
(1.0 |
)% |
(4.1 |
)% |
(1.9 |
)% |
|
Acquisitions/ Divestitures |
— |
% |
— |
% |
(0.2 |
)% |
(1.1 |
)% |
(0.4 |
)% |
— |
% |
(0.6 |
)% |
(0.3 |
)% |
|
Translation |
(2.8 |
)% |
(2.3 |
)% |
(1.8 |
)% |
(0.8 |
)% |
(2.8 |
)% |
(3.4 |
)% |
(1.8 |
)% |
(2.3 |
)% |
|
Operating Revenue |
(8.2 |
)% |
(1.2 |
)% |
(2.3 |
)% |
(3.1 |
)% |
(3.2 |
)% |
(4.4 |
)% |
(6.5 |
)% |
(4.5 |
)% |
|
Full Year 2019 vs Full Year 2018
Favorable/(Unfavorable) |
|
Change in Operating Margin |
AutomotiveOEM |
FoodEquipment |
Test &MeasurementandElectronics |
Welding |
Polymers& Fluids |
ConstructionProducts |
SpecialtyProducts |
Total ITW |
|
Operating Leverage |
(90) bps |
30 bps |
(10) bps |
(20) bps |
— |
|
(10) bps |
(90) bps |
(50) bps |
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Variable Margin & OH Costs |
50 bps |
60 bps |
150 bps |
— |
|
170 bps |
(40) bps |
(10) bps |
60 bps |
|
Total Organic |
(40) bps |
90 bps |
140 bps |
(20) bps |
170 bps |
(50) bps |
(100) bps |
10 bps |
|
Acquisitions/ Divestitures |
— |
|
— |
|
10 bps |
20 bps |
— |
|
— |
|
20 bps |
— |
|
|
Restructuring/Other |
(60) bps |
(30) bps |
— |
|
(30) bps |
(30) bps |
(20) bps |
(10) bps |
(30) bps |
|
Total Operating Margin Change |
(100) bps |
60 bps |
150 bps |
(30) bps |
140 bps |
(70) bps |
(90) bps |
(20) bps |
|
|
|
|
|
|
|
|
|
|
|
Total Operating Margin % * |
21.5 |
% |
26.4 |
% |
25.6 |
% |
27.7 |
% |
22.8 |
% |
23.6 |
% |
25.9 |
% |
24.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
* Includes unfavorable operating margin impact of amortization
expense from acquisition-related intangible assets |
50 bps |
70 bps |
200 bps |
20 bps |
360 bps |
30 bps |
90 bps |
120 bps ** |
|
** Amortization expense from acquisition-related intangible assets
had an unfavorable impact of ($0.37) on GAAP earnings per share for
2019. |
| |
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESGAAP to NON-GAAP RECONCILIATIONS
(UNAUDITED)
ADJUSTED AFTER-TAX RETURN ON AVERAGE
INVESTED CAPITAL (UNAUDITED)
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
Dollars in millions |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Operating income |
$ |
824 |
|
|
$ |
860 |
|
|
$ |
3,402 |
|
|
$ |
3,584 |
|
|
Adjusted tax rate |
22.8 |
% |
|
25.5 |
% |
|
24.0 |
% |
|
24.9 |
% |
|
Income taxes |
(188 |
) |
|
(219 |
) |
|
(815 |
) |
|
(893 |
) |
|
Operating income after taxes |
$ |
636 |
|
|
$ |
641 |
|
|
$ |
2,587 |
|
|
$ |
2,691 |
|
|
|
|
|
|
|
|
|
|
|
Invested capital: |
|
|
|
|
|
|
|
|
Trade receivables |
$ |
2,461 |
|
|
$ |
2,622 |
|
|
$ |
2,461 |
|
|
$ |
2,622 |
|
|
Inventories |
1,164 |
|
|
1,318 |
|
|
1,164 |
|
|
1,318 |
|
|
Net assets held for sale |
280 |
|
|
— |
|
|
280 |
|
|
— |
|
|
Net plant and equipment |
1,729 |
|
|
1,791 |
|
|
1,729 |
|
|
1,791 |
|
|
Goodwill and intangible assets |
5,343 |
|
|
5,717 |
|
|
5,343 |
|
|
5,717 |
|
|
Accounts payable and accrued expenses |
(1,689 |
) |
|
(1,795 |
) |
|
(1,689 |
) |
|
(1,795 |
) |
|
Other, net |
(481 |
) |
|
(519 |
) |
|
(481 |
) |
|
(519 |
) |
|
Total invested capital |
$ |
8,807 |
|
|
$ |
9,134 |
|
|
$ |
8,807 |
|
|
$ |
9,134 |
|
|
|
|
|
|
|
|
|
|
|
Average invested capital |
$ |
8,797 |
|
|
$ |
9,247 |
|
|
$ |
9,028 |
|
|
$ |
9,533 |
|
|
Adjusted after-tax return on average invested capital |
28.9 |
% |
|
27.7 |
% |
|
28.7 |
% |
|
28.2 |
% |
A reconciliation of the 2019 effective tax rate
excluding the third quarter discrete tax benefit of $21 million is
as follows:
|
|
Twelve Months Ended |
|
|
December 31, 2019 |
|
|
Income Taxes |
|
Tax Rate |
|
As reported |
$ |
767 |
|
|
23.3 |
% |
|
Discrete tax benefit related to third quarter |
21 |
|
|
0.7 |
% |
|
As adjusted |
$ |
788 |
|
|
24.0 |
% |
A reconciliation of the 2018 effective tax rate
excluding the third quarter net discrete tax benefit of $15 million
is as follows:
|
|
Twelve Months Ended |
|
|
December 31, 2018 |
|
|
Income Taxes |
|
Tax Rate |
|
As reported |
$ |
831 |
|
|
24.5 |
% |
|
Net discrete tax benefit related to third quarter |
15 |
|
|
0.4 |
% |
|
As adjusted |
$ |
846 |
|
|
24.9 |
% |
|
|
|
|
|
|
|
|
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESGAAP to NON-GAAP RECONCILIATIONS
(UNAUDITED)
FREE CASH FLOW (UNAUDITED)
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
Dollars in millions |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Net cash provided by operating activities |
$ |
774 |
|
|
$ |
809 |
|
|
$ |
2,995 |
|
|
$ |
2,811 |
|
|
Less: Additions to plant and equipment |
(82 |
) |
|
(82 |
) |
|
(326 |
) |
|
(364 |
) |
|
Free cash flow |
$ |
692 |
|
|
$ |
727 |
|
|
$ |
2,669 |
|
|
$ |
2,447 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
641 |
|
|
$ |
607 |
|
|
$ |
2,521 |
|
|
$ |
2,563 |
|
|
Free cash flow to net income conversion rate |
108 |
% |
* |
120 |
% |
|
106 |
% |
|
95 |
% |
* Excluding the impact of the fourth quarter net
after-tax gains on disposal of businesses of $35 million, net
income would have been $606 million and the free cash flow to net
income conversion rate for the three months ended December 31, 2019
would have been 114%.
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESNET INCOME PER SHARE - DILUTED, AS
REPORTED (UNAUDITED)
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
2019 |
|
2018 |
|
Net income per share - diluted, as reported |
$ |
7.74 |
|
* |
$ |
7.60 |
|
* Diluted EPS for the twelve months ended December
31, 2019 includes the impact of $0.09 of divestiture gains, $(0.20)
of foreign currency translation headwinds and $(0.12) of higher
restructuring expenses.
|
|
|
|
Media Contact
Illinois
Tool Works
Trisha Knych
Tel: 224.661.7566
mediarelations@itw.com |
Investor RelationsIllinois Tool WorksKaren
FletcherTel: 224.661.7433investorrelations@itw.com |
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