ITW reports Q4 revenue $4.0B flat, EPS $2.38; FY23 free cash flow record $3.1B; FY24 EPS guidance $10.00-$10.40

ILLINOIS TOOL WORKS INC

2023-FY EPS reported $9.74 revenue$16,107,000,000

Q4 revenue $4.0B (flat YoY); organic revenue -0.5%; GAAP EPS $2.38 included $(0.04) Argentina devaluation hit.
Full year 2023 revenue $16.1B (+1%); operating margin 25.1% (record, +130 bps); GAAP EPS $9.74 (+6% ex-divestiture gains).
FY2023 free cash flow record $3.1B, up 59% from prior year; 104% conversion to net income.
2024 guidance: revenue growth 2-4% (organic 1-3%); operating margin 25.5-26.5%; GAAP EPS $10.00-$10.40; repurchases ~$1.5B.
Enterprise initiatives contributed 150 bps to Q4 operating margin and 130 bps for full year.

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