SPY380.36-1.97 -0.52%
DIA309.45-4.53 -1.44%
IXIC13,192.35+72.96 0.56%

Press Release: ITW Reports Fourth Quarter and -2-

· 02/05/2021 08:00
Q4 2020 vs. Q4 2019 Favorable/(Unfavorable) --------------------------------------------------------------------------------------------------------------------------- Test & Measurement Operating Automotive Food and Polymers & Construction Specialty Revenue OEM Equipment Electronics Welding Fluids Products Products Total ITW -------------- ------------ ----------- --------------- --------- ---------- -------------- ------------- --------- Organic 7.8% (19.1) % (3.1) % (2.4) % 6.8% 8.1% (2.8) % (0.9) % Acquisitions/ Divestitures --% -- % (1.9) % (3.1) % --% --% (0.3) % (0.7) % Translation 2.6% 1.8 % 1.7 % 0.7 % 0.2% 3.8% 1.5 % 1.8 % -------------- ----- ---- ------ ----- --- ---- ---- --- ------ ----- ----- ---- Operating Revenue 10.4% (17.3) % (3.3) % (4.8) % 7.0% 11.9% (1.6) % 0.2 % ============== ===== ==== ====== ===== === ==== ==== === ====== ===== ===== ==== Q4 2020 vs. Q4 2019 Favorable/(Unfavorable) --------------------------------------------------------------------------------------------------------------- Test & Measurement Polymers Change in Operating Automotive Food and & Construction Specialty Margin OEM Equipment Electronics Welding Fluids Products Products Total ITW ---------- --------- ----------- ------- -------- ------------ --------- --------- (50) Operating Leverage 140 bps (470) bps (70) bps bps 160 bps 160 bps (60) bps (20) bps Changes in Variable Margin & OH Costs 120 bps (60) bps 110 bps 280 bps 10 bps 240 bps 270 bps 160 bps -------------------- ---------- --------- ----------- ------- -------- ------------ --------- --------- Total Organic 260 bps (530) bps 40 bps 230 bps 170 bps 400 bps 210 bps 140 bps Acquisitions/ Divestitures -- -- 40 bps 50 bps -- -- 30 bps 10 bps Restructuring/Other 10 bps 10 bps (30) bps 70 bps 70 bps -- 10 bps 20 bps -------------------- ---------- --------- ----------- ------- -------- ------------ --------- --------- Total Operating Margin Change 270 bps (520) bps 50 bps 350 bps 240 bps 400 bps 250 bps 170 bps ==================== ========== ========= =========== ======= ======== ============ ========= ========= Total Operating Margin % * 23.9% 22.3% 28.6% 28.9% 25.4% 26.2% 27.0% 25.4% * Includes 40 bps 80 bps 180 bps 20 bps 300 bps 20 bps 90 bps 110 bps** unfavorable operating margin impact of amortization expense from acquisition-related intangible assets -------------------- ---------- --------- ----------- ------- -------- ------------ --------- --------- ** Amortization expense from acquisition-related intangible assets had an unfavorable impact of ($0.09) on GAAP earnings per share for the fourth quarter of 2020. ---------------------------------------------------------------------------------------------------------------Three Months Ended December 31, 2020 ---------------------------------------------------------------------- Total Operating Operating Dollars in millions Revenue Income Margin -------------------------------- ---------- ----------- ----------- Automotive OEM $ 800 $ 191 23.9% Food Equipment 471 106 22.3% Test & Measurement and Electronics 534 153 28.6% Welding 368 107 28.9% Polymers & Fluids 437 111 25.4% Construction Products 430 112 26.2% Specialty Products 439 119 27.0% Intersegment (4) -- --% -------------------------------- --------- ---------- ------ Total Segments 3,475 899 25.8% Unallocated -- (16) --% -------------------------------- --------- ---------- ------ Total Company $ 3,475 $ 883 25.4% ================================ ===== ====== ====== Twelve Months Ended December 31, 2020 -------------------------------------------------------------------- Total Operating Operating Dollars in millions Revenue Income Margin -------------------------------- -------- ----------- ----------- Automotive OEM $ 2,571 $ 457 17.8% Food Equipment 1,739 342 19.6% Test & Measurement and Electronics 1,963 507 25.8% Welding 1,384 376 27.1% Polymers & Fluids 1,622 402 24.8% Construction Products 1,652 421 25.5% Specialty Products 1,660 432 26.0% Intersegment (17) -- --% -------------------------------- ------- ---------- ------ Total Segments 12,574 2,937 23.4% Unallocated -- (55) --% -------------------------------- ------- ---------- ------ Total Company $12,574 $ 2,882 22.9% ================================ ====== ====== ======In millions December 31, 2020 December 31, 2019 --------------------- ----------------------- Assets Current Assets: Cash and equivalents $ 2,564 $ 1,981 Trade receivables 2,506 2,461 Inventories 1,189 1,164 Prepaid expenses and other current assets 264 296 Assets held for sale -- 351 ----------------- ----------------- Total current assets 6,523 6,253 Net plant and equipment 1,777 1,729 Goodwill 4,690 4,492 Intangible assets 781 851 Deferred income taxes 533 516 Other assets 1,308 1,227 ----------------- ----------------- $ 15,612 $ 15,068 === ============ === ============ Liabilities and Stockholders' Equity Current Liabilities: Short-term debt $ 350 $ 4 Accounts payable 534 472 Accrued expenses 1,284 1,217 Cash dividends payable 361 342 Income taxes payable 60 48 Liabilities held for sale -- 71 ----------------- ----------------- Total current liabilities 2,589 2,154 Noncurrent Liabilities: Long-term debt 7,772 7,754 Deferred income taxes 588 668 Noncurrent income taxes payable 413 462 Other liabilities 1,068 1,000 ----------------- ----------------- Total noncurrent liabilities 9,841 9,884 Stockholders' Equity: Common stock 6 6 Additional paid-in-capital 1,362 1,304 Retained earnings 23,114 22,403 Common stock held in treasury (19,659) (18,982) Accumulated other comprehensive income (loss) (1,642) (1,705) Noncontrolling interest 1 4 ----------------- ----------------- Total stockholders' equity 3,182 3,030 ----------------- ----------------- $ 15,612 $ 15,068 === ============ === ============

STATEMENT OF FINANCIAL POSITION (UNAUDITED)

ILLINOIS TOOL WORKS INC. and SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

ILLINOIS TOOL WORKS INC. and SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

ILLINOIS TOOL WORKS INC. and SUBSIDIARIES

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February 05, 2021 08:00 ET (13:00 GMT)