Illinois Tool Works 1Q Revenue Growth Driven by Demand Across Segments
April 30 2021 - 8:44AM
Dow Jones News
By Matt Grossman
Illinois Tool Works Inc. on Friday posted a larger profit and
growing revenue year over year as demand recovered across the
company's business lines.
The Glenview, Ill.-based manufacturing company posted net income
of $2.11 a share, compared with $1.78 a share in the same
three-month period a year earlier. Analysts polled by FactSet were
expecting a profit of $1.88 a share.
Total net income rose to $671 million, from $566 million in last
year's first quarter.
Illinois Tool Works' first-quarter revenue climbed to $3.54
billion, from $3.23 billion in the year-ago quarter. Analysts were
forecasting revenue of $3.44 billion.
On an organic basis, construction products represented Illinois
Tool Works' fastest-growing segment, with revenue expanding 13%
organically year over year. The company's segments for test,
measurement and electronics; polymers and fluids; automotive;
specialty products and welding all recorded year-over-year organic
sales growth as well.
Food-equipment sales were down by 10% organically year over
year, but demand trends improved compared with the fourth quarter,
Illinois Tool Works said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
April 30, 2021 08:29 ET (12:29 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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