ITW Q1 2023 Earnings Report
Key Takeaways
ITW reported a solid start to the year with a 5% organic growth, operating margin expansion of 150 basis points, strong free cash flow, and double-digit EPS growth. The company is raising its full-year GAAP EPS guidance by $0.05 to a range of $9.45 to $9.85 per share.
Revenue increased by 2% to $4.0 billion, with organic growth of 5%.
Operating income rose by 9% to $972 million.
GAAP EPS increased by 10% to $2.33, a new first quarter record.
Free cash flow increased by 147% to $615 million, with a conversion rate to net income of 86%.
ITW
ITW
ITW Revenue by Segment
Forward Guidance
The company is raising its full-year GAAP EPS guidance to $9.45 to $9.85 per share. The organic growth projection of three to five percent reflects current levels of demand and a risk adjustment for further slowing in certain end markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income