Posted April 24, 2017

ITW sales up 6 percent

Illinois Tool Works Inc. reported first-quarter revenue grew 6.0% to $3.5 billion.

Organic revenue increased 3.5% while the 2016 acquisition of Engineered Fasteners & Components (EF&C) added 3.8% to revenue. Foreign currency translation reduced revenue by 1.3%.

Net income of $536 million, or $1.54 per share, compared to $468 million, or $1.29, in the same quarter last year.

“Our record results in the first quarter reflect strong execution across the company and further progress in our efforts to leverage ITW’s highly differentiated and proprietary business model to drive solid growth with best-in-class margins and returns,” said E. Scott Santi, chairman and chief executive officer.