GLENVIEW, IL – ITW reported $731 million in fourth quarter revenue for its Test & Measurement and Electronics segment, essentially flat from the same quarter of 2022.

ITW's Test & Measurement and Electronics segment includes ITW EAE brands such as MPM, Electrovert, Vitronics, Camalot, and Despatch. For all of 2023, the segment saw flat revenue growth to total $2.8 billion.

As a whole, ITW saw annual revenue of $16.1 billion, an increase of 1%.

"In a challenging macro demand environment, the ITW team continued to leverage the strength and resilience of ITW’s proprietary business model and high-quality diversified portfolio to deliver a solid finish to a record year for the company," said Christopher A. O’Herlihy, president and CEO. "2023 marked another year of strong operational execution and financial performance, as ITW delivered organic growth of two percent, expanded operating margin by 130 basis points to 25.1 percent, grew operating income seven percent to $4 billion, and increased cash flow by more than 50 percent. We made solid progress in our efforts to build above-market organic growth fueled by customer-back innovation into a defining ITW strength, on par with our world-class financial and operational capabilities. As a result, we are very pleased with our momentum and positioning heading into 2024. I want to thank my ITW colleagues around the world for their extraordinary dedication and commitment to serving our customers and executing our strategy with excellence every day."

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