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- Illinois Tool Works Inc. (NYSE:ITW) reported third-quarter FY21 revenue growth of 8% year-over-year to $3.56 billion, +6% on an organic basis, beating the consensus of $3.56 billion.
- Automotive OEM revenue was $647 million (-9 Y/Y), and operating margin declined by 350 bps to 17.3%
- Food Equipment revenue was $544 million (+21% Y/Y), and the operating margin expanded by 430 bps to 23.9%.
- Test & Measurement and Electronics revenue were $552 million (+13% Y/Y), and the operating margin expanded by 310 bps to 26.8%.
- Welding revenue was $425 million (+23% Y/Y), and operating margin expanded by 210 bps to 30%.
- Polymers & Fluids revenue was $456 million (+4% Y/Y), and operating margin contracted by 240 bps to 24.2%.
- Construction Products revenue was $478 million (+5% Y/Y), and operating margin contracted 30 bps to 27.8%.
- Specialty Products revenue was $459 million (+9% Y/Y) and the operating margin expanded by 210 bps to 27.3%.
- GAAP EPS for the quarter was $2.02 versus $1.83 last year.
- The operating income increased 7.1% Y/Y to $845 million, and the margin was at 23.8%.
- Illinois Tool generated cash from operating activities year-to-date of $1.78 billion, compared to $2.03 billion a year ago. Free cash flow of $1.57 billion.
- The company is on pace to repurchase ~$1 billion of its shares in 2021, having repurchased $750 million year-to-date.
- FY21 Outlook: ITW expects total revenue growth of 13% - 14% and organic growth of 11%-12% (prior 11%-13% organic growth).
- It lowered GAAP EPS outlook to $8.30 - $8.50 (prior view $8.55-$8.95) due to lower automotive production in Q3 and Q4, an operating margin of 23.5% - 24.5% (prior 24.5% - 25.5%).
- Price Action: ITW shares closed higher by 1.95% at $226.54 on Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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