The company said fourth-quarter revenue of Q4 2023 rose 0.3% to $4.0 billion, operating income was $988 million, and operating margin was 24.8%. Illinois Tool Works said operating income was a company record for Q4 and that enterprise initiatives contributed 150 basis points to operating margin.

1. 01

   The company said fourth-quarter revenue of Q4 2023 rose 0.3% to $4.0 billion, operating income was $988 million, and operating margin was 24.8%. Illinois Tool Works said operating income was a company record for Q4 and that enterprise initiatives contributed 150 basis points to operating margin.

2. 02

   ITW said full-year 2023 revenue rose 1% to $16.1 billion (organic growth of 2%), and operating income grew 7% to $4 billion. The company said operating margin increased 130 basis points to a record 25.1%.

3. 03

   The company said full-year 2023 operating cash flow was $3.5 billion and free cash flow rose 59% to a record $3.1 billion (a conversion of 104% to net income). Illinois Tool Works said it returned $3.1 billion to shareholders through dividends and share repurchases and raised its dividend per share by 7%.

4. 04

   ITW gave guidance for 2024 with GAAP EPS of $10.00 to $10.40, revenue growth of 2 to 4% (organic growth of 1 to 3%), and operating margin of 25.5 to 26.5%. The company said it plans to repurchase approximately $1.5 billion of its shares and expects an effective tax rate of 24 to 24.5%.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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