GLENVIEW, IL — Third-quarter revenues for ITW's Test & Measurement and Electronics segment were up 17 percent from the third quarter of 2021, coming in at $715 million this year, while the first nine months of the year saw a total of $2.1 billion for the segment.

ITW's Test & Measurement and Electronics segment includes ITW EAE brands such as MPM, Electrovert, Vitronics, Camalot, and Despatch.

As a whole, ITW's third quarter revenues of $4 billion were a 13% increase from the third quarter of 2021.

“Despite softening demand and inventory destocking in certain end-markets, the ITW team delivered another quarter of strong performance with organic growth of 16 percent, operating margin of 24.5 percent, after-tax ROIC of 29.9 percent and earnings per share growth of 16 percent,” said E. Scott Santi, Chairman and Chief Executive Officer. “Our business teams around the world continue to do an exceptional job of navigating what remains a dynamic and challenging operating environment to deliver for our customers and for the company. In addition, we were pleased to see incremental margins return to our normal 30 percent-plus historical levels in the third quarter as the impact of volume growth, enterprise initiatives, pricing actions, and some moderation in the pace of input cost inflation drove a 130 basis point improvement in operating margin in our base business.

“While it is clear that the economic outlook is becoming increasingly uncertain, demand remains strong across the majority of our business portfolio and as a result ITW is well-positioned to deliver a strong finish to what has been a very strong year.”