GLENVIEW, IL -- Illinois Tool Works reported organic revenue at its Test & Measurement/Electronics unit rose 6% year-over-year in the first quarter.

Sales at the unit reached $480 million, while operating margin was 20% for the period.

The unit includes ITW Electronic Assembly Equipment (the former Speedline), Kester Solder and Vitronics Soltec, among others.

Overall revenue grew 6% year-over-year to $3.5 billion. Organic revenue increased 3.5% while the 2016 acquisition of Engineered Fasteners & Components (EF&C) added 3.8% to revenue. Foreign currency translation reduced revenue by 1.3%.

Net income was $536 million, up 14% from last year.

“Our record results in the first quarter reflect strong execution across the company and further progress in our efforts to leverage ITW’s highly differentiated and proprietary business model to drive solid growth with best-in-class margins and returns,” said E. Scott Santi, Chairman and Chief Executive Officer. “We are off to a strong start in 2017 and the company is well-positioned to deliver continued progress and differentiated performance through the balance of 2017 and beyond.”

Operating income was $809 million, an increase of 12%, and operating margin for the quarter was 23.3%, an increase of 120 basis points. Excluding the margin impact from the 2016 acquisition of EF&C, operating margin was 23.8%, an increase of 170 basis points year-on-year with 100 basis points of structural margin improvement from Enterprise Initiatives. After-tax return on invested capital was 23.8%, an improvement of 260 basis points.

As a result of the company’s first quarter results, ITW raised its full-year organic growth guidance to 2 to 4%, up from 1.5 to 3.5%. For the second quarter, the company expects organic growth of 2 to 4%. been 91%.

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