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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