ITW sees Q3 growth in 6 segments
ITW, based in Glenview, Ill., reported third quarter revenue and operating increases, and growth in most of its business segments; with the company pointing to its teams doing, “an exceptional job” in what it termed a “very challenging environment.”
The company reported revenue up 8% to $3.556 billion from $3.307 billion in the previous third quarter. With organic growth at 6%, it added.
ITW noted its operating income grew 7% to $845 million. Excluding automotive OEM, its revenue grew 12% and operating income grew 14% year-on-year.
In third quarter segment highlights, ITW reported six of seven segments delivered strong organic growth: Welding up 22%; Food Equipment up 19%; Test & Measurement and Electronics up 12%; and Specialty Products up 8%. Polymers & Fluids, and Construction Products were both up 3%. Automotive OEM declined 11%.
Third-quarter 2021 earning per share was $2.02, ITW related, an increase of 10%.
The Bottom Line: ITW sales increased 8% to nearly $3.6 billion. Operating income grew 7%.
What the CEO said: “We saw continued strong growth momentum in six of our seven segments in the third quarter, while our Automotive OEM segment continued to be impacted by auto production reductions associated with the well-publicized supply chain challenges affecting our customers,” said E. Scott Santi, chairman and CEO.
“Our teams around the world continue to do an exceptional job of executing for our customers and for the company in a very challenging environment as evidenced by the 6% organic growth and 10% earnings per share growth that ITW delivered in the quarter.”
Company info: Click here to read the full third quarter financial report from ITW.