Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Illinois Tool Works has suspended its 2020 outlook because of looming uncertainty, which the specialized equipment manufacturer attributed to the COVID-19 pandemic. 


Scott Santi, chairman and chief executive officer of ITW, said significant end-market disruptions will persist in the near-term, and that the company is cutting costs where possible to sustain profits. 


ITW’s operating revenue fell to $5.7bn in H1 2020 from $7.1bn during the first half of 2019, while its net income of $885mn declined from $1.2bn.


The company’s total revenue of $2.6bn in Q2 2020 decreased from $3.6bn during the second quarter of 2019. ITW posted a net income of $319mn last quarter, which dropped from $623mn in Q2 2019. 


ITW is a diversified manufacturer that supplies parts for deep-sea oil rigs, aerospace, cars, wind turbines, and many other durable and consumable equipment.          

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