ITW Q3 revenue $3.6B (+8%), EPS $2.02 (+10%); updates FY guidance to $8.30-$8.50

ILLINOIS TOOL WORKS INC

2021-Q3 EPS reported $6.58 revenue$10,776,000,000

Total revenue $3.6B, +8% total, +6% organic; GAAP EPS $2.02, +10% YoY.
Operating margin 23.8% flat YoY; enterprise initiatives and volume leverage offset 200bps price/cost dilution.
Six of seven segments grew; Welding +22%, Food Equipment +19%, Automotive OEM -11%.
FY 2021 guidance: organic growth 11-12%, GAAP EPS $8.30-$8.50; free cash flow ~90% of net income.
ITW expects to complete MTS Test & Simulation acquisition in Q4 2021 pending regulatory approvals.

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