United States. ITW, a partner of automakers and suppliers, reported full-year revenue of $15.9 billion, up 10 percent with organic growth of 12 percent.
"We delivered a solid end to a solid year of differentiated execution and performance by the ITW team. Fourth-quarter organic growth was 12 percent, operating margin was 24.8 percent and earnings per share increased 21 percent, excluding gains from divestitures," said Chairman and Chief Executive Officer E. Scott Santi.
"We are very pleased with both our revenue growth and margin performance in the fourth quarter, as we achieved overall revenue growth of eight percent and operating margin improvement of 210 basis points."
The CEO himself noted that throughout 2022, in a year marked by significant supply chain disruptions and cost inflation, ITW generated organic growth of 12% for the second consecutive year, an operating margin of 24.4% in its core business, after the 29.1% invested capital tax refund.
"There is no doubt that our decision to continue investing in our business strategy and people during the pandemic and the quality of execution of our teams' 'Win the Recovery' approach are driving the strong growth and financial performance ITW is currently delivering."
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