Michael Larsen

“In Q2, total revenue grew 6.1%, driven by 4.5% organic growth, a 1.4% contribution from foreign currency translation, and 0.2% from an acquisition. As Chris said, organic growth performance was particularly strong in our capex and semiconductor-related segments, as well as polymers and fluids.”

“Starting on Slide 3, and as expected, the third quarter ended up looking a lot like the second quarter with continued strong operational execution in a moderating demand environment.”

“In the second quarter, revenue decreased by 1%, with organic revenue down by 0.1%, remaining nearly unchanged from the previous year and showing a slight improvement from a 0.6% decline in the first quarter.”

“In Q1, we delivered a solid start to the year with some high-quality execution in a pretty challenging demand environment as expected. Despite an organic revenue decline of 0.6%, operating income grew 4% and operating margin improved 120 basis points to 25.4% as enterprise initiatives contributed 140 basis points.”

“In Q4, the ITW team delivered a solid finish operationally and financially to a strong year for the company. Starting with the topline, the soft market demand for CapEx that we talked about on our Q3 earnings call continued into the fourth quarter.”