GLENVIEW, IL – ITW's Test & Measurement and Electronics segment reported $700 million in revenue in the second quarter, marking a 1.1% increase from the second quarter of 2022.

As a whole, ITW saw a 2% revenue increase to total $4.1 billion for the quarter. ITW's Test & Measurement and Electronics segment includes ITW EAE brands such as MPM, Electrovert, Vitronics, Camalot, and Despatch.

"The ITW team delivered another quarter of strong operational execution and financial performance. Quarterly operating income grew nine percent and exceeded $1 billion for the first time in ITW’s history, operating margin expanded 170 basis points year on year, and GAAP EPS of $2.48 was a Q2 record for the company," said CEO E. Scott Santi. "Organic growth was three percent as resilient demand in many of ITW’s industrial end markets was partially offset by inventory reduction efforts by our end customers and channel partners in response to stabilizing supply chain performance, which we estimate to have impacted organic growth by 1 to 1.5 percent in the quarter. While customer and channel inventory normalization will continue to be a factor for the next several quarters, we expect stable underlying demand and continued strong margin and profitability performance through the balance of the year. As a result, we are raising our full-year 2023 GAAP EPS guidance by $0.10 at the mid-point."

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