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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Illinois Tool Works Inc | NYSE:ITW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 248.78 | 0 | 09:45:21 |
By Sabela Ojea
Illinois Tool Works said revenue increased in the second quarter but inventory reduction from its customer base hit its growth potential in the period.
The Glenview, Ill.-based industrial products and equipment manufacturer on Tuesday posted a net profit of $754 million, or $2.48 a share, up from $738 million, or $2.37 a share, for the same period a year earlier.
Revenue rose 1.6% to $4.07 billion, missing analysts expectations of $4.14 billion.
The business generated $705 million in free cash flow, improving from $420 million as of June 30, 2022.
Resilient demand in many of the company's industrial end markets was partially offset by inventory-reduction efforts by end customers and channel partners in response to stabilizing supply chain performance, Chairman and Chief Executive Officer E. Scott Santi said. This will remain a factor for Illinois Tool Works for the next several quarters, he said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
August 01, 2023 08:42 ET (12:42 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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