GLENVIEW, IL – ITW's Test & Measurement and Electronics segment reported $698 million in revenue in the second quarter, a 2.4% decrease from last year's second quarter.

For the first nine months of the year, the segment's $2.1 billion in revenue marked a 0.2% increase from the first nine months of 2022.

As a whole, ITW saw a 0.5% increase in revenue for the quarter, totaling $4 billion.

“The strength and resilience of ITW’s proprietary business model and high-quality diversified portfolio once again drove strong operational execution and financial performance in the third quarter. Quarterly operating margin expanded 200 basis points year over year to 26.5%, free cash flow grew 40%, and GAAP EPS grew 9% to $2.55,” said E. Scott Santi, chairman and CEO. “Organic revenue growth was two percent on an equal days’ basis in the quarter. Looking ahead at the balance of the year, while we anticipate some impact from ongoing automotive industry labor actions on our Automotive OEM segment in the fourth quarter, the company remains well-positioned to deliver another strong year of differentiated overall performance in 2023.”