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CAPITAL GOODS: Illinois Tool Works (ITW A1/A+/NR): 2Q24 Results

CAPITAL GOODS

Credit neutral. Cost initiatives helping offset weaker demand expectations.

  • Small revenue miss, -1.7% from consensus. Organic growth flat with closer to 1% expected. Continues to see slight moderation in demand as macro remains challenging. Interestingly China was the strongest region with demand from OEMs there as production continues to ramp.
  • EBITDA missed by 5% with margins 1% worse than expected at 27%.
  • FCF disappointed, 34% lower than expected. While capex was above expectations this was mainly driven by OCF but with no breakdown available so far.
  • Another supplier seeing declining automotive outlook. FY24 revenue guidance downgraded to flat from +2-4%. Operating margin guidance was narrowed slightly to the upside, 26.5-27% from 26-27%.
  • Webcast 15.00 BST https://events.q4inc.com/attendee/991251132
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