Illinois Tool Works’ 2017 net income drops 17% y/y on higher tax expenses

Expects strong growth momentum to continue in 2018 and beyond

Illinois Tool Works (ITW) has reported 17.1% year-over-year (y/y) decline in net income to USD1.68 billion for the financial year ended 31 December 2017, the company said in a press release on 24 January. The company witnessed lower net income y/y mainly due to one-time higher income tax charges of USD1.6 billion, up 81.3% y/y. ITW recorded 12.4% y/y growth in income before income tax to USD3.3 billion, and its operating income improved 14% y/y to USD3.5 billion. The company reported higher operating income and pre-tax income mainly driven by 5.2% y/y growth in revenue to USD14.31 billion.