ITW Reports Second Quarter 2021 Results
July 30 2021 - 8:00AM
Illinois Tool Works Inc. (NYSE: ITW) today reported its second
quarter 2021 results.
“In the second quarter, we saw continued
improvement in both the breadth and pace of the recovery, with
organic revenue growth at the segment level ranging from 17 to 84
percent,” said E. Scott Santi, Chairman and Chief Executive
Officer. “In the face of rising raw material costs and a
challenging supply chain environment, our people around the world
leveraged the strength and resilience of our proprietary business
model and the ‘Win the Recovery’ actions taken over the course of
the past year to serve our customers with excellence while
delivering 43 percent revenue growth and 143 percent earnings
growth. While the near-term environment is certainly not without
its challenges, order intake rates in all segments and geographic
regions remain strong and I have no doubt that we are well
positioned to continue to execute at a high level as we move
through the remainder of the year.”
Second Quarter 2021
ResultsSecond quarter revenue of $3.7 billion increased 43
percent versus the prior year period, as organic revenue grew 37
percent and foreign currency translation impact was favorable by
six percent.
GAAP EPS of $2.45 increased 143 percent and
included a $0.35 one-time tax benefit related to the remeasurement
of net deferred tax assets in the United Kingdom. Operating income
increased 99 percent to $893 million and incremental margin was 40
percent. Operating margin was 24.3 percent, an increase of 680
basis points with enterprise initiatives contributing 150 basis
points, partially offset by dilutive price/cost margin impact of
120 basis points. In the quarter, price recovery actions
essentially offset raw material cost increases on a
dollar-for-dollar basis. Free cash flow was $477 million, 72
percent of net income adjusted for the one-time tax benefit.
After-tax return on invested capital improved to 30.8 percent. The
effective tax rate for the second quarter was 10.1 percent, and
excluding the one-time tax benefit, the effective tax rate was 23.0
percent.
All seven segments delivered double-digit
organic growth in the quarter, led by Automotive OEM up 84 percent
and Food Equipment up 46 percent. Welding, Test & Measurement
and Electronics, Construction Products, and Polymers & Fluids
delivered organic growth in the range of 28 to 33 percent, and
Specialty Products grew 17 percent. On a geographic basis, organic
growth was 36 percent in North America, 50 percent in Europe, and
20 percent in Asia Pacific. As expected, the impact of Automotive
OEM customers adjusting production schedules to account for the
well-publicized shortage of several components reduced ITW’s
revenues by approximately $60 million or two percentage points in
the quarter.
2021 GuidanceThe company is
raising its full-year GAAP EPS guidance to $8.55 to $8.95 per
share, an increase of $0.35 or 32 percent at the midpoint versus
prior year. This compares to previous guidance of $8.20 to $8.60
per share and incorporates the one-time tax benefit realized in the
second quarter. The company is also raising its organic growth
guidance to a range of 11 to 13 percent. Foreign currency
translation impact at current foreign exchange rates is projected
to contribute 3 percentage points to revenue growth. Raw material
cost increases are expected to be offset by price increases on a
dollar-for-dollar basis and therefore EPS neutral. The full year
margin dilution impact from price/cost is now forecasted to be
approximately 100 basis points, partially offsetting the expected
margin contribution from Enterprise Initiatives of more than 100
basis points. As a result of price/cost, operating margin is
expected to be in the range of 24.5 to 25.5 percent, an increase of
210 basis points at the midpoint versus 2020 and 50 basis points
lower versus previous guidance. Free cash flow is expected to be
approximately 100 percent of net income adjusted for the second
quarter one-time tax benefit, and the company is on pace to
repurchase approximately $1 billion of its shares, having
repurchased $500 million in the first half of the year. Guidance
excludes any impact from the previously announced acquisition of
the MTS Test & Simulation business.
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. The estimated guidance of free cash flow
conversion rate is based on assumptions that are difficult to
predict, and a reconciliation of estimated free cash flow to the
most directly comparable GAAP measure has been omitted due to the
unreasonable efforts required in connection with such a
reconciliation and the lack of availability of reliable
forward-looking cash flow and operating information.
Forward-looking Statement This
earnings release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements may include, without limitation, statements
regarding the duration and potential effects of the COVID-19
pandemic, related government actions and the company’s strategy in
response thereto on the company’s business, expected impact of
tariffs and raw material inflation, product line simplification
activities and enterprise initiatives, future financial and
operating performance, free cash flow, organic and total revenue,
operating margin, price/cost impact, diluted income per share,
restructuring expenses and related benefits, expected dividend
payments, expected repatriation, after-tax return on invested
capital, effective tax rates, exchange rates, expected access to
liquidity sources, expected capital allocation, expected
timing and amount of share repurchases, end market economic and
regulatory conditions, potential acquisitions and dispositions and
related impact on financial results, including statements with
respect to the anticipated acquisition of the MTS Test &
Simulation business, and the company’s 2021 guidance. These
statements are subject to certain risks, uncertainties, assumptions
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 2020.
About Illinois Tool WorksITW
(NYSE: ITW) is a Fortune 200 global multi-industrial manufacturing
leader with revenues totaling $12.6 billion in 2020. 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 43,000 dedicated colleagues around
the world thrive in the company’s decentralized and entrepreneurial
culture. www.itw.com
Media Contact Illinois Tool Works Tel:
224.661.7451 mediarelations@itw.com |
Investor Relations Illinois Tool Works Karen
Fletcher Tel: 224.661.7433 investorrelations@itw.com |
|
|
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESSTATEMENT OF INCOME
(UNAUDITED)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
In millions except per share amounts |
2021 |
|
2020 |
|
2021 |
|
2020 |
Operating Revenue |
$ |
3,676 |
|
|
|
$ |
2,564 |
|
|
|
$ |
7,220 |
|
|
|
$ |
5,792 |
|
|
Cost of revenue |
2,163 |
|
|
|
1,594 |
|
|
|
4,202 |
|
|
|
3,465 |
|
|
Selling, administrative, and research and development expenses |
588 |
|
|
|
486 |
|
|
|
1,154 |
|
|
|
1,046 |
|
|
Amortization and impairment of intangible assets |
32 |
|
|
|
35 |
|
|
|
66 |
|
|
|
71 |
|
|
Operating Income |
893 |
|
|
|
449 |
|
|
|
1,798 |
|
|
|
1,210 |
|
|
Interest expense |
(52 |
) |
|
|
(51 |
) |
|
|
(104 |
) |
|
|
(102 |
) |
|
Other income (expense) |
22 |
|
|
|
8 |
|
|
|
34 |
|
|
|
33 |
|
|
Income Before Taxes |
863 |
|
|
|
406 |
|
|
|
1,728 |
|
|
|
1,141 |
|
|
Income Taxes |
88 |
|
|
|
87 |
|
|
|
282 |
|
|
|
256 |
|
|
Net Income |
$ |
775 |
|
|
|
$ |
319 |
|
|
|
$ |
1,446 |
|
|
|
$ |
885 |
|
|
|
|
|
|
|
|
|
|
Net Income Per Share: |
|
|
|
|
|
|
|
Basic |
$ |
2.46 |
|
|
|
$ |
1.01 |
|
|
|
$ |
4.58 |
|
|
|
$ |
2.79 |
|
|
Diluted |
$ |
2.45 |
|
|
|
$ |
1.01 |
|
|
|
$ |
4.56 |
|
|
|
$ |
2.78 |
|
|
|
|
|
|
|
|
|
|
Cash Dividends Per Share: |
|
|
|
|
|
|
|
Paid |
$ |
1.14 |
|
|
|
$ |
1.07 |
|
|
|
$ |
2.28 |
|
|
|
$ |
2.14 |
|
|
Declared |
$ |
1.14 |
|
|
|
$ |
1.07 |
|
|
|
$ |
2.28 |
|
|
|
$ |
2.14 |
|
|
|
|
|
|
|
|
|
|
Shares of Common Stock Outstanding During the Period: |
|
|
|
|
|
|
|
Average |
315.6 |
|
|
|
316.1 |
|
|
|
316.1 |
|
|
|
317.2 |
|
|
Average assuming dilution |
316.9 |
|
|
|
317.4 |
|
|
|
317.4 |
|
|
|
318.6 |
|
|
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESSTATEMENT OF FINANCIAL POSITION
(UNAUDITED)
In millions |
June 30, 2021 |
|
December 31, 2020 |
Assets |
|
|
|
Current Assets: |
|
|
|
Cash and equivalents |
$ |
2,058 |
|
|
|
$ |
2,564 |
|
|
Trade receivables |
2,786 |
|
|
|
2,506 |
|
|
Inventories |
1,400 |
|
|
|
1,189 |
|
|
Prepaid expenses and other current assets |
265 |
|
|
|
264 |
|
|
Total current assets |
6,509 |
|
|
|
6,523 |
|
|
|
|
|
|
Net plant and equipment |
1,767 |
|
|
|
1,777 |
|
|
Goodwill |
4,658 |
|
|
|
4,690 |
|
|
Intangible assets |
716 |
|
|
|
781 |
|
|
Deferred income taxes |
613 |
|
|
|
533 |
|
|
Other assets |
1,317 |
|
|
|
1,308 |
|
|
|
$ |
15,580 |
|
|
|
$ |
15,612 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
Current Liabilities: |
|
|
|
Short-term debt |
$ |
592 |
|
|
|
$ |
350 |
|
|
Accounts payable |
607 |
|
|
|
534 |
|
|
Accrued expenses |
1,326 |
|
|
|
1,284 |
|
|
Cash dividends payable |
358 |
|
|
|
361 |
|
|
Income taxes payable |
77 |
|
|
|
60 |
|
|
Total current liabilities |
2,960 |
|
|
|
2,589 |
|
|
|
|
|
|
Noncurrent Liabilities: |
|
|
|
Long-term debt |
7,056 |
|
|
|
7,772 |
|
|
Deferred income taxes |
617 |
|
|
|
588 |
|
|
Noncurrent income taxes payable |
365 |
|
|
|
413 |
|
|
Other liabilities |
1,061 |
|
|
|
1,068 |
|
|
Total noncurrent liabilities |
9,099 |
|
|
|
9,841 |
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
Common stock |
6 |
|
|
|
6 |
|
|
Additional paid-in-capital |
1,402 |
|
|
|
1,362 |
|
|
Retained earnings |
23,842 |
|
|
|
23,114 |
|
|
Common stock held in treasury |
(20,140 |
) |
|
|
(19,659 |
) |
|
Accumulated other comprehensive income (loss) |
(1,590 |
) |
|
|
(1,642 |
) |
|
Noncontrolling interest |
1 |
|
|
|
1 |
|
|
Total stockholders’ equity |
3,521 |
|
|
|
3,182 |
|
|
|
$ |
15,580 |
|
|
|
$ |
15,612 |
|
|
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESSEGMENT DATA (UNAUDITED)
Three Months Ended June 30, 2021 |
Dollars in millions |
Total Revenue |
|
Operating Income |
|
Operating Margin |
Automotive OEM |
$ |
707 |
|
|
$ |
133 |
|
|
18.8 |
% |
Food Equipment |
514 |
|
|
113 |
|
|
22.0 |
% |
Test & Measurement and Electronics |
606 |
|
|
170 |
|
|
28.1 |
% |
Welding |
402 |
|
|
115 |
|
|
28.5 |
% |
Polymers & Fluids |
466 |
|
|
127 |
|
|
27.3 |
% |
Construction Products |
518 |
|
|
143 |
|
|
27.6 |
% |
Specialty Products |
471 |
|
|
128 |
|
|
27.2 |
% |
Intersegment |
(8 |
) |
|
— |
|
|
— |
% |
Total Segments |
3,676 |
|
|
929 |
|
|
25.3 |
% |
Unallocated |
— |
|
|
(36 |
) |
|
— |
% |
Total Company |
$ |
3,676 |
|
|
$ |
893 |
|
|
24.3 |
% |
Six Months Ended June 30, 2021 |
Dollars in millions |
Total Revenue |
|
Operating Income |
|
Operating Margin |
Automotive OEM |
$ |
1,490 |
|
|
$ |
322 |
|
|
21.6 |
% |
Food Equipment |
965 |
|
|
209 |
|
|
21.6 |
% |
Test & Measurement and Electronics |
1,158 |
|
|
327 |
|
|
28.2 |
% |
Welding |
803 |
|
|
236 |
|
|
29.4 |
% |
Polymers & Fluids |
901 |
|
|
239 |
|
|
26.6 |
% |
Construction Products |
987 |
|
|
273 |
|
|
27.6 |
% |
Specialty Products |
928 |
|
|
254 |
|
|
27.4 |
% |
Intersegment |
(12 |
) |
|
— |
|
|
— |
% |
Total Segments |
7,220 |
|
|
1,860 |
|
|
25.8 |
% |
Unallocated |
— |
|
|
(62 |
) |
|
— |
% |
Total Company |
$ |
7,220 |
|
|
$ |
1,798 |
|
|
24.9 |
% |
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESSEGMENT DATA (UNAUDITED)
Q2 2021 vs. Q2 2020 Favorable/(Unfavorable) |
Operating Revenue |
AutomotiveOEM |
FoodEquipment |
Test & Measurementand Electronics |
Welding |
Polymers& Fluids |
Construction Products |
Specialty Products |
Total ITW |
Organic |
83.5 |
% |
46.0 |
% |
28.7 |
% |
32.6 |
% |
27.6 |
% |
28.2 |
|
% |
17.2 |
% |
37.2 |
% |
Acquisitions/Divestitures |
— |
% |
— |
% |
— |
% |
— |
% |
— |
% |
(0.1 |
) |
% |
— |
% |
— |
% |
Translation |
11.8 |
% |
6.9 |
% |
4.3 |
% |
2.6 |
% |
4.1 |
% |
9.6 |
|
% |
4.4 |
% |
6.2 |
% |
Operating Revenue |
95.3 |
% |
52.9 |
% |
33.0 |
% |
35.2 |
% |
31.7 |
% |
37.7 |
|
% |
21.6 |
% |
43.4 |
% |
Q2 2021 vs. Q2 2020 Favorable/(Unfavorable) |
Change in Operating Margin |
AutomotiveOEM |
FoodEquipment |
Test & Measurement and Electronics |
Welding |
Polymers& Fluids |
Construction Products |
Specialty Products |
Total ITW |
Operating Leverage |
1700 bps |
1010 bps |
560 bps |
480 bps |
520 bps |
440 bps |
330 bps |
700 bps |
Changes in Variable Margin & OH Costs |
970 bps |
280 bps |
(330) bps |
220 bps |
(70) bps |
(30) bps |
(140) bps |
(20) bps |
Total Organic |
2670 bps |
1290 bps |
230 bps |
700 bps |
450 bps |
410 bps |
190 bps |
680 bps |
Acquisitions/Divestitures |
— |
— |
— |
— |
— |
— |
— |
— |
Restructuring/Other |
(10) bps |
(10) bps |
10 bps |
(10) bps |
(30) bps |
(20) bps |
(10) bps |
— |
Total Operating Margin Change |
2660 bps |
1280 bps |
240 bps |
690 bps |
420 bps |
390 bps |
180 bps |
680 bps |
|
|
|
|
|
|
|
|
|
Total Operating Margin % * |
18.8% |
22.0% |
28.1% |
28.5% |
27.3% |
27.6% |
27.2% |
24.3% |
|
|
|
|
|
|
|
|
|
*Includes unfavorable operating margin impact of amortization
expense from acquisition-related intangible assets |
40 bps |
70 bps |
160 bps |
10 bps |
240 bps |
20 bps |
80 bps |
90 bps ** |
** Amortization expense from acquisition-related intangible assets
had an unfavorable impact of ($0.08) on GAAP earnings per share for
the second quarter of 2021. |
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESSEGMENT DATA (UNAUDITED)
1H 2021 vs. 1H 2020 Favorable/(Unfavorable) |
Operating Revenue |
AutomotiveOEM |
FoodEquipment |
Test & Measurementand Electronics |
Welding |
Polymers& Fluids |
Construction Products |
Specialty Products |
Total ITW |
Organic |
33.6 |
% |
13.2 |
% |
19.4 |
% |
17.9 |
% |
17.7 |
% |
20.3 |
|
% |
12.1 |
% |
19.9 |
% |
Acquisitions/Divestitures |
— |
% |
— |
% |
— |
% |
— |
% |
— |
% |
(0.1 |
) |
% |
— |
% |
— |
% |
Translation |
7.3 |
% |
4.7 |
% |
3.8 |
% |
1.9 |
% |
2.9 |
% |
8.6 |
|
% |
3.7 |
% |
4.8 |
% |
Operating Revenue |
40.9 |
% |
17.9 |
% |
23.2 |
% |
19.8 |
% |
20.6 |
% |
28.8 |
|
% |
15.8 |
% |
24.7 |
% |
1H 2021 vs. 1H 2020 Favorable/(Unfavorable) |
Change in Operating Margin |
AutomotiveOEM |
FoodEquipment |
Test & Measurement and Electronics |
Welding |
Polymers& Fluids |
Construction Products |
Specialty Products |
Total ITW |
Operating Leverage |
630 bps |
320 bps |
420 bps |
280 bps |
360 bps |
350 bps |
230 bps |
390 bps |
Changes in Variable Margin & OH Costs |
420 bps |
40 bps |
(140) bps |
90 bps |
(40) bps |
70 bps |
(50) bps |
10 bps |
Total Organic |
1050 bps |
360 bps |
280 bps |
370 bps |
320 bps |
420 bps |
180 bps |
400 bps |
Acquisitions/Divestitures |
— |
— |
— |
— |
— |
— |
— |
— |
Restructuring/Other |
— |
(10) bps |
— |
(10) bps |
— |
(20) bps |
(30) bps |
— |
Total Operating Margin Change |
1050 bps |
350 bps |
280 bps |
360 bps |
320 bps |
400 bps |
150 bps |
400 bps |
|
|
|
|
|
|
|
|
|
Total Operating Margin % * |
21.6% |
21.6% |
28.2% |
29.4% |
26.6% |
27.6% |
27.4% |
24.9% |
|
|
|
|
|
|
|
|
|
*Includes unfavorable operating margin impact of amortization
expense from acquisition-related intangible assets |
40 bps |
70 bps |
170 bps |
10 bps |
260 bps |
20 bps |
80 bps |
100 bps ** |
** Amortization expense from acquisition-related intangible assets
had an unfavorable impact of ($0.16) on GAAP earnings per share for
the first half of 2021. |
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESGAAP to NON-GAAP RECONCILIATIONS
(UNAUDITED)
AFTER-TAX RETURN ON AVERAGE INVESTED
CAPITAL (UNAUDITED)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
Dollars in millions |
2021 |
|
2020 |
|
2021 |
|
2020 |
Operating income |
$ |
893 |
|
|
|
$ |
449 |
|
|
|
$ |
1,798 |
|
|
|
$ |
1,210 |
|
|
Tax rate |
23.0 |
|
% |
|
21.3 |
|
% |
|
22.7 |
|
% |
|
22.4 |
|
% |
Income taxes |
(206 |
) |
|
|
(96 |
) |
|
|
(409 |
) |
|
|
(271 |
) |
|
Operating income after taxes |
$ |
687 |
|
|
|
$ |
353 |
|
|
|
$ |
1,389 |
|
|
|
$ |
939 |
|
|
|
|
|
|
|
|
|
|
Invested capital: |
|
|
|
|
|
|
|
Trade receivables |
$ |
2,786 |
|
|
|
$ |
2,156 |
|
|
|
$ |
2,786 |
|
|
|
$ |
2,156 |
|
|
Inventories |
1,400 |
|
|
|
1,167 |
|
|
|
1,400 |
|
|
|
1,167 |
|
|
Net assets held for sale |
— |
|
|
|
181 |
|
|
|
— |
|
|
|
181 |
|
|
Net plant and equipment |
1,767 |
|
|
|
1,711 |
|
|
|
1,767 |
|
|
|
1,711 |
|
|
Goodwill and intangible assets |
5,374 |
|
|
|
5,244 |
|
|
|
5,374 |
|
|
|
5,244 |
|
|
Accounts payable and accrued expenses |
(1,933 |
) |
|
|
(1,508 |
) |
|
|
(1,933 |
) |
|
|
(1,508 |
) |
|
Other, net |
(283 |
) |
|
|
(636 |
) |
|
|
(283 |
) |
|
|
(636 |
) |
|
Total invested capital |
$ |
9,111 |
|
|
|
$ |
8,315 |
|
|
|
$ |
9,111 |
|
|
|
$ |
8,315 |
|
|
|
|
|
|
|
|
|
|
Average invested capital |
$ |
8,926 |
|
|
|
$ |
8,431 |
|
|
|
$ |
8,864 |
|
|
|
$ |
8,557 |
|
|
After-tax return on average invested capital |
30.8 |
|
% |
|
16.8 |
|
% |
|
31.3 |
|
% |
|
22.0 |
|
% |
A reconciliation of the tax rate for the three and
six month periods ended June 30, 2021 excluding the second quarter
2021 discrete tax benefit of $112 million related to a change in
the U.K. income tax rate is as follows:
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2021 |
|
June 30, 2021 |
Dollars in millions |
Income Taxes |
|
Tax Rate |
|
Income Taxes |
|
Tax Rate |
As reported |
$ |
88 |
|
|
10.1 |
% |
|
$ |
282 |
|
|
16.3 |
% |
Discrete tax benefit |
112 |
|
|
12.9 |
% |
|
112 |
|
|
6.4 |
% |
As adjusted |
$ |
200 |
|
|
23.0 |
% |
|
$ |
394 |
|
|
22.7 |
% |
ILLINOIS TOOL WORKS INC. and
SUBSIDIARIESGAAP to NON-GAAP RECONCILIATIONS
(UNAUDITED)
FREE CASH FLOW (UNAUDITED)
|
Three Months Ended |
|
Six Months Ended |
|
Twelve Months Ended |
|
June 30, |
|
June 30, |
|
December 31, |
Dollars in millions |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2020 |
Net cash provided by operating activities |
$ |
555 |
|
|
|
$ |
737 |
|
|
|
$ |
1,164 |
|
|
|
$ |
1,351 |
|
|
|
$ |
2,807 |
|
|
Less: Additions to plant and equipment |
(78 |
) |
|
|
(56 |
) |
|
|
(146 |
) |
|
|
(116 |
) |
|
|
(236 |
) |
|
Free cash flow |
$ |
477 |
|
|
|
$ |
681 |
|
|
|
$ |
1,018 |
|
|
|
$ |
1,235 |
|
|
|
$ |
2,571 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
775 |
|
|
|
$ |
319 |
|
|
|
$ |
1,446 |
|
|
|
$ |
885 |
|
|
|
$ |
2,109 |
|
|
Less: Second quarter 2021
discrete tax benefit related to a change in the U.K. income tax
rate |
(112 |
) |
|
|
— |
|
|
|
(112 |
) |
|
|
— |
|
|
|
— |
|
|
Adjusted net income |
$ |
663 |
|
|
|
$ |
319 |
|
|
|
$ |
1,334 |
|
|
|
$ |
885 |
|
|
|
$ |
2,109 |
|
|
Free cash flow to adjusted net
income conversion rate |
72 |
|
% |
|
213 |
|
% |
|
76 |
|
% |
|
140 |
|
% |
|
122 |
|
% |
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