ITW Q2 net income drops 6.4% y/y to USD623 million
Company expects 1% to 3% decline in organic revenue in 2019
Illinois Tool Works (ITW) has reported 6.4% year-over-year (y/y) decline in net income to USD623 million in the second quarter ended 30 June 2019, the US-based supplier said in a press release on 26 July. Revenue dropped 5.8% y/y to USD3.6 billion. While organic revenue decreased by 2.8% y/y, unfavorable currency translations during the quarter pushed revenue down by another 2.7%. Lower revenue impacted ITW’s operating income, which dropped by 6.5% y/y to USD871 million. The company reported operating income margin of 24.1% and free cash flow of USD608 million up 14% y/y.
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