The 2020 Mid-Year Economic Update_long

Illinois Tool Works Sales Down 6.4% in 1Q

Organic sales up 1 percent in first quarter.

Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, reported sales for the first quarter of $3.3 billion, down 6.4 percent from the previous year. Organic sales were up 1 percent. Profit decreased 3.2 percent to $458 million.

Organic sales increased 1 percent in North America, Europe and Asia Pacific. In North America, organic revenue growth was driven by continued strength in Automotive OEM and Food Equipment. 

Automotive OEM organic sales grew 7 percent, with 13 percent in Europe, 3 percent in North America and 14 percent in China.

Food Equipment's organic revenues increased 4 percent due to solid demand for equipment and service. 

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