Illinois Tool Works 4Q Profit Up as Auto, Food Equipment Sales Rose
February 02 2023 - 08:46AM
Dow Jones News
By Jeffrey T. Lewis
Illinois Tool Works Inc.'s profit increased in the fourth
quarter as sales of automotive and food equipment jumped.
The Glenview, Il.-based industrial products and equipment maker
reported net income of $907 million, compared with $609 million a
year earlier. Earnings per share reached $2.95 from $1.93 and
adjusted earnings per share increased 21% to $2.34. Revenue rose to
$3.97 billion from $3.68 billion.
The sales and profit figures outperformed market expectations.
The consensus compiled by FactSet was for revenue of $3.89 billion
and net income of $767 million.
ITW said sales at five of its seven segments had double-digit
organic growth in the quarter, with automotive OEM up 20% and food
equipment up 17%.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
February 02, 2023 08:31 ET (13:31 GMT)
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