ITW reports flat revenue
Illinois Tool Works reported second quarter revenue was $3.4 billion, down 0.1%. Currency translation reduced revenue by 1.3%.
Net income of $525, or $1.46 per share, compared to income of $480 million, or $1.30, in the same period last year.
Organic revenue increased 2% excluding Product Line Simplification (PLS) as six of the company’s seven segments delivered positive year on year growth, while the overall demand environment in the Welding segment remained challenging with revenue down 11% in the quarter.
E. Scott Santi, chairman and chief executive officer, said that he was "pleased with the progress that our segments are making in executing our framework for accelerated organic revenue growth, as evidenced by the fact that six of our seven segments delivered positive year on year organic growth in the quarter. As a result, we were able to overcome the continued challenging demand environment in our Welding segment and deliver 12% earnings per share growth.”