Illinois Tool Works Inc

ITW: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$862.00	Xym	Zhmrdzkmc

ITW Earnings: Results in Line with Expectations; Enterprise Initiatives Drive Margin Improvement

Joshua Aguilar

Aug 1, 2023

We see no reason to alter our $203 fair value estimate following narrow-moat rated ITW’s second quarter 2023 results. Consolidated revenue rose to $4.07 billion or 3% organically, while operating margins rose 170 basis-points to 24.8%. This lifted GAAP EPS by 5% year on year to $2.48.

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