ITW Announces Flat Electronics Revenue in Q3
GLENVIEW, IL – ITW's Test & Measurement and Electronics segment saw revenue of $697 million for the third quarter, down 0.2% from 2023's third quarter.
The company's Test & Measurement and Electronics segment includes ITW EAE brands such as MPM, Electrovert, Vitronics, Camalot, and Despatch. As a whole, the company's revenue of $4 billion for the quarter represented a year-over-year decrease of 2%.
"ITW delivered solid third quarter results, as our worldwide team continued to successfully navigate and overcome market challenges with strong operational execution as evidenced by operating margin of 26.5 percent, including 130 basis points contribution from enterprise initiatives, and EPS growth to $2.65 per share excluding a divesture gain," said Christopher A. O’Herlihy, president and CEO. "All year, our focused execution and operational excellence have enabled the Company to effectively counter persistent market headwinds and achieve solid growth in margin and profitability while we continued to manage and invest in ITW to maximize growth and performance over the long term.
"As we look ahead to the balance of the year and beyond, ITW remains well-positioned to continue to execute at a high level through these near-term end market macro challenges while we remain focused on driving continued progress on our long-term strategy to build above-market organic growth, fueled by customer-back innovation, into a core ITW strength."
