On Friday, Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, reported second-quarter sales of $3.7 billion, up 43% over the same quarter in 2020. Illinois Tool Works (ITW) also reported second-quarter net income of $775 million versus $319 million a year ago.
“In the second quarter, we saw continued improvement in both the breadth and pace of the recovery, with organic revenue growth at the segment level ranging from 17 to 84 percent,” said ITW Chairman and CEO E. Scott Santi. “In the face of rising raw material costs and a challenging supply chain environment, our people around the world leveraged the strength and resilience of our proprietary business model and the ‘Win the Recovery’ actions taken over the course of the past year to serve our customers with excellence while delivering 43 percent revenue growth and 143 percent earnings growth.
“While the near-term environment is certainly not without its challenges, order intake rates in all segments and geographic regions remain strong and I have no doubt that we are well positioned to continue to execute at a high level as we move through the remainder of the year.”
Illinois Tool Works increased its full-year earnings to $8.55 to $8.95 per share compared to its previous guidance of $8.20 to $8.60 per share.