ITW - Illinois Tool Works Inc.

NYSE - NYSE Delayed Price. Currency in USD
184.99
-0.68 (-0.37%)
At close: 4:00PM EDT

186.80 +1.81 (0.98%)
Before hours: 9:07AM EDT

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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close185.67
Open184.23
Bid148.93 x 800
Ask2,150.00 x 1000
Day's Range182.54 - 185.44
52 Week Range115.94 - 190.85
Volume1,234,651
Avg. Volume1,289,009
Market Cap58.444B
Beta (5Y Monthly)1.17
PE Ratio (TTM)27.16
EPS (TTM)6.81
Earnings DateOct 23, 2020 - Oct 27, 2020
Forward Dividend & Yield4.28 (2.31%)
Ex-Dividend DateJun 29, 2020
1y Target Est166.69
  • Illinois Tool (ITW) Q2 Earnings and Sales Beat Estimates
    Zacks

    Illinois Tool (ITW) Q2 Earnings and Sales Beat Estimates

    Illinois Tool's (ITW) second-quarter results reflect the adverse impacts of the pandemic on sales performance and weak operating margin, partially offset by enterprise initiatives and cost savings.

  • Illinois Tool Works (ITW) Q2 Earnings and Revenues Beat Estimates
    Zacks

    Illinois Tool Works (ITW) Q2 Earnings and Revenues Beat Estimates

    Illinois Tool Works (ITW) delivered earnings and revenue surprises of 55.71% and 8.66%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?

  • GlobeNewswire

    ITW Reports Second Quarter 2020 Results

    * Total revenue of $2.6 billion as organic revenue declined 27% * Operating margin of 17.5% * Operating income of $449 million * GAAP EPS of $1.01 * Free cash flow of $681 million, 213% of net incomeGLENVIEW, Ill., July 31, 2020 (GLOBE NEWSWIRE) -- Illinois Tool Works Inc. (NYSE: ITW) today reported its second quarter 2020 results.“Our performance in the second quarter clearly demonstrates that the progress we have made on executing our long-term enterprise strategy has put ITW in a position of considerable strength in managing through the effects of the global pandemic,” said E. Scott Santi, chairman and chief executive officer.  “Our powerful ITW Business Model and decentralized, entrepreneurial culture are never more valuable than during times of significant and rapid change, and I want to thank all of my ITW colleagues around the world for their incredible care and commitment to keeping their co-workers safe while continuing to serve our customers with excellence.  Our people responded to an unprecedented health crisis and a 29 percent decline in revenues and still delivered $449 million in operating income, $681 million in free cash flow, and operating margin of 17.5 percent.  Strong proactive divisional leadership and our flexible cost structure allowed us to reduce operating expenses by over $140 million in the quarter despite the fact that we made the decision to provide full compensation and benefits support to every ITW team member for the entirety of the second quarter.”“Looking forward, while significant end-market disruption and uncertainties remain, we will continue to leverage our financial strength and ample liquidity to prioritize playing offense in the recovery over playing defense in the contraction and to ensure that every one of our businesses is strongly positioned to fully participate in the recovery.  Despite the near-term challenges of the moment, we remain deeply committed to achieving and sustaining ITW’s full-potential performance, and we will utilize our financial strength and flexible cost structure to protect investments in areas of strategic importance to the execution of our long-term strategy.  I am confident that the strength and resilience of the ITW Business Model, our high-quality diversified business portfolio, and our people put us in a strong position to deal decisively and effectively with the effects of the pandemic however it plays out from here while remaining focused on executing our long-term enterprise strategy,” Santi concluded.Second Quarter ResultsSecond-quarter revenue of $2.6 billion declined 29 percent with organic revenue down 27 percent.  Foreign currency translation and divestitures reduced revenues by 1.5 percent and 1.0 percent, respectively.  Revenues improved sequentially as the quarter progressed.Operating margin was 17.5 percent compared to 24.1 percent in the prior year period as the lower volume impact was partially offset by benefits from Enterprise Initiatives of 100 basis points.  GAAP earnings per share (EPS) were $1.01 compared to $1.91 in the prior year period.  Free cash flow increased 12 percent to $681 million with a 213 percent conversion rate.  After-tax return on invested capital was 16.8 percent.  The effective tax rate for the second quarter was 21.3 percent.At quarter end, ITW had approximately $1.8 billion in cash and cash equivalents on hand, essentially no short-term debt and a revolving credit facility in place that could provide additional liquidity of up to $2.5 billion, if needed.On May 5, 2020, ITW suspended annual guidance for 2020 due to uncertainties regarding the duration and severity of the COVID-19 pandemic.Non-GAAP Measures This earnings release contains certain non-GAAP financial measures.  A reconciliation of these measures to the most directly comparable GAAP measures is included in the attached supplemental reconciliation schedule.Forward-looking Statement This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding the potential effects of the COVID-19 pandemic, related government actions and the Company’s strategy in response thereto on the Company’s business, the anticipated duration of the Company’s COVID-19 containment and recovery phases, the Company’s financial scenario planning and estimates, expected access to liquidity sources, expected capital allocation, diluted earnings per share, foreign exchange rates, total and organic revenue, operating margin, economic and regulatory conditions in various geographic regions, expected dividend payments, price/cost impact, restructuring expenses, expected adjustments to capacity and cost structure, free cash flow, effective tax rate, after-tax return on invested capital, timing and amount of share repurchases, if any, potential acquisitions and dispositions and related impact on financial results, and plans regarding the issuance of guidance.  These statements are subject to certain risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those anticipated.  Such factors include those contained in ITW’s Form 10-K for 2019 and subsequent reports filed with the SEC.About Illinois Tool Works ITW (NYSE: ITW) is a Fortune 200 global multi-industrial manufacturing leader with revenues totaling $14.1 billion in 2019.  The company’s seven industry-leading segments leverage the unique ITW Business Model to drive solid growth with best-in-class margins and returns in markets where highly innovative, customer-focused solutions are required.  ITW’s approximately 45,000 dedicated colleagues around the world thrive in the company’s decentralized and entrepreneurial culture.  www.itw.comILLINOIS TOOL WORKS INC. and SUBSIDIARIES STATEMENT OF INCOME (UNAUDITED) Three Months Ended Six Months Ended  June 30, June 30, In millions except per share amounts2020 2019 2020 2019 Operating Revenue$2,564  $3,609  $5,792  $7,161  Cost of revenue1,594  2,099  3,465  4,158  Selling, administrative, and research and development expenses486  598  1,046  1,209  Amortization and impairment of intangible assets35  41  71  84  Operating Income449  871  1,210  1,710  Interest expense(51) (55) (102) (118) Other income (expense)8  9  33  23  Income Before Taxes406  825  1,141  1,615  Income Taxes87  202  256  395  Net Income$319  $623  $885  $1,220           Net Income Per Share:        Basic$1.01  $1.92  $2.79  $3.74  Diluted$1.01  $1.91  $2.78  $3.72           Cash Dividends Per Share:        Paid$1.07  $1.00  $2.14  $2.00  Declared$1.07  $1.00  $2.14  $2.00           Shares of Common Stock Outstanding During the Period:        Average316.1  324.8  317.2  326.0  Average assuming dilution317.4  326.6  318.6  327.9  ILLINOIS TOOL WORKS INC. and SUBSIDIARIES STATEMENT OF FINANCIAL POSITION (UNAUDITED)In millionsJune 30, 2020 December 31, 2019 Assets    Current Assets:    Cash and equivalents$1,812  $1,981  Trade receivables2,156  2,461  Inventories1,167  1,164  Prepaid expenses and other current assets253  296  Assets held for sale221  351  Total current assets5,609  6,253       Net plant and equipment1,711  1,729  Goodwill4,443  4,492  Intangible assets801  851  Deferred income taxes470  516  Other assets1,229  1,227   $14,263  $15,068       Liabilities and Stockholders’ Equity    Current Liabilities:    Short-term debt$4  $4  Accounts payable402  472  Accrued expenses1,106  1,217  Cash dividends payable338  342  Income taxes payable152  48  Liabilities held for sale40  71  Total current liabilities2,042  2,154       Noncurrent Liabilities:    Long-term debt7,765  7,754  Deferred income taxes676  668  Noncurrent income taxes payable413  462  Other liabilities1,009  1,000  Total noncurrent liabilities9,863  9,884       Stockholders’ Equity:    Common stock6  6  Additional paid-in-capital1,317  1,304  Retained earnings22,612  22,403  Common stock held in treasury(19,669) (18,982) Accumulated other comprehensive income (loss)(1,909) (1,705) Noncontrolling interest1  4  Total stockholders’ equity2,358  3,030   $14,263  $15,068  ILLINOIS TOOL WORKS INC. and SUBSIDIARIES SEGMENT DATA (UNAUDITED)Three Months Ended June 30, 2020 Dollars in millionsTotal RevenueOperating IncomeOperating Margin Automotive OEM$361  $(28)  (7.8)% Food Equipment336  31   9.2% Test & Measurement and Electronics455  117   25.7% Welding298  64   21.6% Polymers & Fluids354  82   23.1% Construction Products376  90   23.7% Specialty Products387  98   25.4% Intersegment(3)  —   —% Total Segments2,564  454   17.7% Unallocated—  (5)  —% Total Company$2,564  $449   17.5% Six Months Ended June 30, 2020 Dollars in millionsTotal RevenueOperating IncomeOperating Margin Automotive OEM$1,057  $117   11.1% Food Equipment819  148   18.1% Test & Measurement and Electronics940  238   25.4% Welding670  173   25.8% Polymers & Fluids747  175   23.4% Construction Products766  181   23.6% Specialty Products801  207   25.9% Intersegment(8) —   —% Total Segments5,792  1,239   21.4% Unallocated—  (29)  —% Total Company$5,792  $1,210   20.9% ILLINOIS TOOL WORKS INC. and SUBSIDIARIES SEGMENT DATA (UNAUDITED)Q2 2020 vs. Q2 2019 Favorable/(Unfavorable) Operating RevenueAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal ITW Organic(52.6)%(37.6)%(10.6)%(24.9)%(14.4)%(9.1)%(16.1)%(26.5)% Acquisitions/ Divestitures—%—%(3.0)%(3.9)%—%—%(0.8)%(1.0)% Translation(1.5)%(1.0)%(1.1)%(0.6)%(2.8)%(2.3)%(1.3)%(1.5)% Operating Revenue(54.1)%(38.6)%(14.7)%(29.4)%(17.2)%(11.4)%(18.2)%(29.0)% Q2 2020 vs. Q2 2019 Favorable/(Unfavorable) Change in Operating MarginAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal ITW Operating Leverage(1880) bps(1300) bps(300) bps(520) bps(380) bps(200) bps(380) bps(750) bps Changes in Variable Margin & OH Costs(1210) bps(470) bps380 bps(330) bps320 bps40 bps160 bps— Total Organic (3090) bps  (1770) bps  80 bps  (850) bps  (60) bps  (160) bps  (220) bps  (750) bps Acquisitions/ Divestitures——40 bps60 bps——50 bps10 bps Restructuring/ Other100 bps130 bps—70 bps90 bps30 bps100 bps80 bps Total Operating Margin Change (2990) bps  (1640) bps  120 bps  (720) bps  30 bps  (130) bps  (70) bps  (660) bps           Total Operating Margin % *(7.8)%9.2%25.7%21.6%23.1%23.7%25.4%17.5%           * Includes unfavorable operating margin impact of amortization expense from acquisition-related intangible assets 110 bps  100 bps  180 bps  20 bps  390 bps  30 bps  100 bps  140 bps ** ** Amortization expense from acquisition-related intangible assets had an unfavorable impact of ($0.08) on GAAP earnings per share for the second quarter of 2020. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES SEGMENT DATA (UNAUDITED)1H 2020 vs. 1H 2019 Favorable/(Unfavorable) Operating RevenueAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal ITW Organic(32.0)%(22.0)%(7.0)%(16.9)%(8.9)%(4.6)%(12.4)%(16.6)% Acquisitions/ Divestitures—%—%(3.1)%(3.7)%—%—%(1.0)%(1.0)% Translation(1.7)%(1.2)%(1.0)%(0.5)%(2.5)%(2.5)%(1.2)%(1.5)% Operating Revenue(33.7)%(23.2)%(11.1)%(21.1)%(11.4)%(7.1)%(14.6)%(19.1)% 1H 2020 vs. 1H 2019 Favorable/(Unfavorable) Change in Operating MarginAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal ITW Operating Leverage(840) bps(630) bps(200) bps(330) bps(230) bps(90) bps(270) bps(430) bps Changes in Variable Margin & OH Costs(370) bps(180) bps250 bps(80) bps280 bps20 bps90 bps30 bps Total Organic (1210) bps  (810) bps  50 bps  (410) bps  50 bps  (70) bps  (180) bps  (400) bps Acquisitions/ Divestitures——50 bps70 bps——60 bps20 bps Restructuring/ Other180 bps90 bps10 bps70 bps80 bps90 bps80 bps80 bps Total Operating Margin Change (1030) bps  (720) bps  110 bps  (270) bps  130 bps  20 bps  (40) bps  (300) bps           Total Operating Margin % *11.1%18.1%25.4%25.8%23.4%23.6%25.9%20.9%           * Includes unfavorable operating margin impact of amortization expense from acquisition-related intangible assets 70 bps  80 bps  170 bps  20 bps  370 bps  30 bps  90 bps  130 bps ** ** Amortization expense from acquisition-related intangible assets had an unfavorable impact of ($0.17) on GAAP earnings per share for the first half of 2020. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES GAAP to NON-GAAP RECONCILIATIONS (UNAUDITED)AFTER-TAX RETURN ON AVERAGE INVESTED CAPITAL (UNAUDITED) Three Months Ended Six Months Ended  June 30, June 30, Dollars in millions2020 2019 2020 2019 Operating income$449  $871  $1,210  $1,710  Tax rate21.3 % 24.5 % 22.4 % 24.5 % Income taxes(96) (213) (271) (418) Operating income after taxes$353  $658  $939  $1,292           Invested capital:        Trade receivables$2,156  $2,629  $2,156  $2,629  Inventories1,167  1,256  1,167  1,256  Net assets held for sale181  346  181  346  Net plant and equipment1,711  1,717  1,711  1,717  Goodwill and intangible assets5,244  5,431  5,244  5,431  Accounts payable and accrued expenses(1,508) (1,719) (1,508) (1,719) Other, net(636) (433) (636) (433) Total invested capital$8,315  $9,227  $8,315  $9,227           Average invested capital$8,431  $9,206  $8,557  $9,182  Return on average invested capital16.8 % 28.6 % 22.0 % 28.1 % FREE CASH FLOW (UNAUDITED) Three Months Ended Six Months Ended  June 30, June 30, Dollars in millions2020 2019 2020 2019 Net cash provided by operating activities$737  $685  $1,351  $1,301  Less: Additions to plant and equipment(56) (77) (116) (154) Free cash flow$681  $608  $1,235  $1,147           Net income$319  $623  $885  $1,220  Free cash flow to net income conversion rate213 % 98 % 140 % 94 % Media ContactInvestor Relations Illinois Tool WorksIllinois Tool Works Trisha KnychKaren Fletcher Tel: 224.661.7566Tel: 224.661.7433 mediarelations@itw.com investorrelations@itw.com

  • Benzinga

    Preview: Illinois Tool Works's Earnings

    Illinois Tool Works (NYSE: ITW) unveils its next round of earnings this Friday, July 31. Get prepared with Benzinga's ultimate preview for Illinois Tool Works's Q2 earnings.Earnings and Revenue Wall Street analysts see Illinois Tool Works reporting earnings of $0.70 per share on revenue of $2.33 billion. In the same quarter last year, Illinois Tool Works reported EPS of $2.00 on revenue of $3.61 billion. If the company were to report inline earnings when it publishes results Friday, quarterly profit would be down 65.0%. Sales would be down 29.18% on a year-over-year basis. Here's how the company's reported EPS has stacked up against analyst estimates in the past:Quarter Q1 2020 Q4 2020 Q3 2019 Q2 2019 EPS Estimate 1.71 1.85 1.94 1.97 EPS Actual 1.77 1.88 2.04 2 Revenue Estimate 3.29 B 3.46 B 3.54 B 3.73 B Revenue Actual 3.23 B 3.47 B 3.48 B 3.61 B Stock Performance Over the last 52-week period, shares are up 22.21%. Given that these returns are generally positive, long-term shareholders can relax going into this earnings release. Long-term shareholders are already enjoying 12-month gains prior to the announcement.View more earnings on ITWDon't be surprised to see the stock move on comments made during its conference call. Illinois Tool Works is scheduled to hold the call at 11:00:00 ET and can be accessed here: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=https%3A%2F%2Fwww.google.com%2Furl%3Fq%3Dhttps%253A%252F%252Fevent.on24.com%252Fwcc%252Fr%252F2395563%252FE110C2D9A650E98DC0D507D08D018B16%26sa%3DD%26ust%3D1594736039520000%26usg%3DAOvVaw0GPQ5ZOsg2wTDOYImUm9XD&eventid=2395563&sessionid=1&key=E110C2D9A650E98DC0D507D08D018B16®Tag=&sourcepage=registerSee more from Benzinga * Benzinga's Top Upgrades, Downgrades For July 13, 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Industrial Stocks' Jul 31 Earnings Roster: CAT, ITW & BERY
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    Industrial Stocks' Jul 31 Earnings Roster: CAT, ITW & BERY

    With the Industrial Products Sector's second-quarter earnings anticipated to bear the brunt of weak demand amid the COVID-19 pandemic, let's see how some of the stocks are likely to fare in their upcoming releases.

  • Why Illinois Tool (ITW) Might Surprise This Earnings Season
    Zacks

    Why Illinois Tool (ITW) Might Surprise This Earnings Season

    Illinois Tool (ITW) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.

  • Illinois Tool (ITW) to Report Q2 Earnings: What's in Store?
    Zacks

    Illinois Tool (ITW) to Report Q2 Earnings: What's in Store?

    Illinois Tool (ITW) Q2 results are likely to reflect the pandemic impact, especially on automotive OEM businesses. Diversified businesses, enterprise strategy and cost-cutting might have aided.

  • Can Illinois Tool Works (ITW) Keep the Earnings Surprise Streak Alive?
    Zacks

    Can Illinois Tool Works (ITW) Keep the Earnings Surprise Streak Alive?

    Illinois Tool Works (ITW) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.

  • Illinois Tool Works (ITW) Expected to Beat Earnings Estimates: What to Know Ahead of Q2 Release
    Zacks

    Illinois Tool Works (ITW) Expected to Beat Earnings Estimates: What to Know Ahead of Q2 Release

    Illinois Tool Works (ITW) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • 5 Industrial Stocks Poised for an Earnings Beat in Q2
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  • FERGY vs. ITW: Which Stock Is the Better Value Option?
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  • 5 Top Dividend Aristocrats to Buy and Hold Forever
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    5 Top Dividend Aristocrats to Buy and Hold Forever

    Dividend Aristocrats sometimes fall into the boring and overlooked category of companies because they consistently make money and return a share of it to their investors. To qualify for inclusion in the very select Dividend Aristocrat club, a company must be in the S&P 500, pay a dividend, and raise its yearly base dividend rate for at least 25 consecutive years. Once you find a good Dividend Aristocrat for your portfolio, it's likely you'll want to keep it there for years.

  • GlobeNewswire

    ITW Announces Upcoming Investor Event

    GLENVIEW, Ill., July 22, 2020 (GLOBE NEWSWIRE) -- Illinois Tool Works Inc. (NYSE: ITW) today announced its participation in the Jefferies Virtual Industrials Conference on Wednesday, August 5, 2020. Senior Vice President & Chief Financial Officer, Michael Larsen, will present at the conference from 3:00 p.m. – 3:30 p.m. (EDT). The event will be webcast live, and a replay will be available, on ITW’s Investor Relations website at http://investor.itw.com. About Illinois Tool Works ITW (NYSE: ITW) is a Fortune 200 global multi-industrial manufacturing leader with revenues totaling $14.1 billion in 2019. The company’s seven industry-leading segments leverage the unique ITW Business Model to drive solid growth with best-in-class margins and returns in markets where highly innovative, customer-focused solutions are required. ITW’s approximately 45,000 dedicated colleagues around the world thrive in the company’s decentralized and entrepreneurial culture. www.itw.comMedia ContactInvestor Relations Illinois Tool WorksIllinois Tool Works Trisha KnychKaren Fletcher Tel: 224.661.7566Tel: 224.661.7433 mediarelations@itw.cominvestorrelations@itw.com

  • Barrons.com

    Get Your Fixed-Income Fix in Dividend Stocks, Bernstein Analysts Say

    A Bernstein report observes that the yield spread between U.S. stocks and bonds is the widest it has been since 1955—and “perhaps the most obvious reason why the income trade may now be in equities.”

  • 3 Dividend Stocks Ideal for Retirees
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    Add these rock-solid companies to your portfolio, and you can feel a bit more confident about relaxing in retirement.

  • GlobeNewswire

    ITW Schedules Second Quarter 2020 Earnings Webcast

    GLENVIEW, Ill., July 15, 2020 -- Illinois Tool Works Inc. (NYSE: ITW) will issue its second quarter 2020 results on Friday, July 31, 2020 at 7:00 a.m. CDT. Following the.

  • Did Hedge Funds Make The Right Call On Illinois Tool Works Inc. (ITW) ?
    Insider Monkey

    Did Hedge Funds Make The Right Call On Illinois Tool Works Inc. (ITW) ?

    Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]

  • Should Value Investors Buy Illinois Tool Works (ITW) Stock?
    Insider Monkey

    Should Value Investors Buy Illinois Tool Works (ITW) Stock?

    If you are looking for the best ideas for your portfolio you may want to consider some of Amana Mutual Funds top stock picks. Amana Mutual Funds, an investment management firm, is bullish on Illinois Tool Works Inc (NYSE:ITW) stock. In its Q4 2019 investor letter – you can download a copy here – the […]

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  • Why Is Illinois Tool Works (ITW) Up 12.4% Since Last Earnings Report?
    Zacks

    Why Is Illinois Tool Works (ITW) Up 12.4% Since Last Earnings Report?

    Illinois Tool Works (ITW) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Illinois Tool Works Inc. (ITW): Are Hedge Funds Right About This Stock?
    Insider Monkey

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  • Illinois Tool's (ITW) Prospects Bleak on Pandemic Qualms
    Zacks

    Illinois Tool's (ITW) Prospects Bleak on Pandemic Qualms

    Illinois Tool (ITW) suffers from the adverse impacts of the pandemic and expects sales to fall 30-40% in the second quarter. Forex woes and high debts are other concerns.

  • Thomson Reuters StreetEvents

    Edited Transcript of ITW earnings conference call or presentation 5-May-20 3:00pm GMT

    Q1 2020 Illinois Tool Works Inc Earnings Call

  • Is Illinois Tool Works a Buy After the Coronavirus Market Sell-Off?
    Motley Fool

    Is Illinois Tool Works a Buy After the Coronavirus Market Sell-Off?

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