ITW Q2 revenue $4.0B, organic +10%; GAAP EPS $2.37; maintains FY2022 guidance $9.00-$9.40 EPS

ILLINOIS TOOL WORKS INC

2022-Q2 EPS reported $4.48 revenue$7,950,000,000

Revenue of $4.0B, organic growth 10%; six of seven segments positive led by Food Equipment +25%, Welding +22%.
GAAP EPS $2.37 including $(0.15) from FX and higher restructuring; prior-year $2.45 included $0.35 tax benefit.
Operating margin 23.1%; adjusted 24.1% excluding MTS and restructuring; price/cost dilution moderated to (160) bps from (250) bps.
Operating cash flow $501M; free cash flow $420M (57% conversion). Maintains FY guidance: organic growth 7-10%, EPS $9.00-$9.40.
Tax rate 18.3% reported; effective 23.9% ex one-time benefit. On pace to repurchase $1.5B shares in 2022.

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