GLENVIEW, IL -- ITW reported fourth-quarter sales at its Test & Measurement and Electronics division reached $538 million, up 0.2% organically from a year ago.

Operating income was %133 million, an operating margin of 24.8%. The operating margin rose 110 basis points versus 2017.

For the year, the Test & Measurement and Electronics unit reported sales of $2.41 billion and operating income of $523 million, an operating margin of 24.1%. Organic revenue was up 3.5% for the year. The unit includes MPM, Vitronics, Electrovert, Kester and other major brands.

Overall fourth-quarter revenue was essentially flat at $3.6 billion, with organic growth of 1% was more than offset by the impact of foreign currency translation. Organic revenue growth increased 4% in North America, offset by a 2% decline in international. Net income rose to $607 million from a loss of $76 million last year.

“The fourth quarter closed out another year of strong execution and financial performance by the ITW team. For the quarter, the company delivered 10% EPS growth excluding currency impact and the 2017 tax charge, operating margin expansion of 70 basis points and after-tax return on invested capital of 27.7%,” said E. Scott Santi, chairman and chief executive.

Full year revenue grew 3% to $14.8 billion, with organic growth of 2%. Operating margin was 24.3%, an increase of 60 basis points excluding a one-time legal settlement, with enterprise initiatives contributing 110 basis points of margin improvement, more than offsetting 50 basis points of price/cost headwind.

The company guided for full-year organic growth in the range of 1 to 3%. Operating margin is expected to improve by approximately 100 basis points with enterprise initiatives contributing 100 basis points.

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