The 2020 Mid-Year Economic Update_long

Illinois Tool Works Sales Up 4.4% in 1Q

Organic sales up 3.3% in 1Q.

Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, reported sales for the first quarter of $3.6 billion, up 4.4 percent from the previous year, with organic sales up 3.3 percent. Profit increased 33.6 percent to $473 million.

North America organic sales increased 1 percent, while European and Asia Pacific organic sales grew 4.8 percent and 7.2 percent, respectively.

Automotive OEM organic sales grew 13 percent, with growth of 11 percent in North America, 14 percent in Europe and 28 percent in China.

Food equipment organic sales grew 5 percent, due to solid growth in equipment and service in North America and strong equipment sales internationally.

Construction products organic sales grew 5 percent, due to 14 percent growth in Asia Pacific and 1 percent growth in Europe. In the U.S., organic revenues grew 7 percent in the residential category, while the renovation category was flat and the commercial construction category declined 8 percent.

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