Illinois Tool Works 4Q Profit Up as Auto, Food Equipment Sales Rose

By Jeffrey T. Lewis

Illinois Tool Works Inc.'s profit increased in the fourth quarter as sales of automotive and food equipment jumped.

The Glenview, Il.-based industrial products and equipment maker reported net income of $907 million, compared with $609 million a year earlier. Earnings per share reached $2.95 from $1.93 and adjusted earnings per share increased 21% to $2.34. Revenue rose to $3.97 billion from $3.68 billion.

The sales and profit figures outperformed market expectations. The consensus compiled by FactSet was for revenue of $3.89 billion and net income of $767 million.

ITW said sales at five of its seven segments had double-digit organic growth in the quarter, with automotive OEM up 20% and food equipment up 17%.

Write to Jeffrey T. Lewis at [e-mail]

(END) Dow Jones Newswires

02-02-23 0831ET