GLENVIEW, IL -- Illinois Tool Works reported third-quarter organic revenue fell 1.7% on deteriorating end-markets for its Welding and Test & Measurement and Electronics segments.

The Test & Measurement and Electronics segment declined 11.3% organically during the September period and 16.4% overall to $490 million. Operating income was $82 million for the period. Operating margin dropped 2.1 percentage points to 16.6%.  

Total revenues of $3.4 billion were down 9% primarily due to the impact of foreign currency translation.

"ITW delivered another strong quarter of margin expansion and earnings per share growth," said E. Scott Santi, chairman and chief executive "ITW set new all-time records for operating margin and after-tax return on invested capital and grew EPS by 9%. In addition, free cash flow conversion was very strong at 126%. ”

ITW reduced its 2015 full-year EPS guidance by 1% at the midpoint to reflect current demand levels. Organic revenue for the year is projected to be down 1% to flat. 

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