Illinois Tool Works Inc. Q1 FY2024 results: revenue $4.0 billion, down 1.1% on the year

Illinois Tool Works Inc. (ITW) reported revenue of $4.0 billion for Q1 FY2024, the quarter ended 31 March 2024, down 1.1% on the same quarter a year earlier. Net income was $819 million, up 14.7% on the year, and diluted earnings per share $2.73. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$4.0 billiondown 1.1%

Net income$819 millionup 14.7%

Diluted EPS$2.73

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	3,973	3,983	n/a	n/a
Cost of revenue	1,917	2,312	n/a	n/a
Gross profit	2,056	1,671	n/a	n/a
Gross margin	51.7%	42.0%	n/a
Operating income	1,127	988	n/a	n/a
Operating margin	28.4%	24.8%	n/a
Interest expense	71.0	70.0	n/a	n/a
Income tax	253	210	n/a	n/a
Net income	819	717	n/a	n/a
Net margin	20.6%	18.0%	n/a
Diluted EPS	$2.73	$2.38	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	589	1,039	n/a	n/a
Capital expenditure	95.0	131	n/a	n/a
Free cash flow	494	908	n/a	n/a
Free cash flow margin	12.4%	22.8%	n/a
Share-based compensation	15.0	17.0	n/a	n/a
Buybacks	375	375	n/a	n/a
Dividends paid	419	421	n/a	n/a
Dividend per share	$1.40	n/a	n/a	n/a
Diluted shares, weighted	300m	304m	n/a	n/a
Shares outstanding at period end	298m	299m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	15,653	15,518	n/a	n/a
Cash and equivalents	959	1,065	n/a	n/a
Receivables	3,238	3,123	n/a	n/a
Inventory	1,825	1,707	n/a	n/a
Goodwill	4,904	4,909	n/a	n/a
Total debt, as filed	8,325	8,164	n/a	n/a
Long-term debt	6,259	7,700	n/a	n/a
Operating lease liabilities	n/a	148	n/a	n/a
Shareholders' equity	3,021	3,013	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,031	3,983	3,973	4,027	3,966	3,932	3,839	4,053	4,059	4,093	4,016	4,301
Cost of revenue	2,319	2,312	1,917	1,919	1,884	1,884	1,821	1,914	1,898	1,923	1,887	2,033
Gross profit	1,712	1,671	2,056	2,108	2,082	2,048	2,018	2,139	2,161	2,170	2,129	2,268
Gross margin	42%	42%	52%	52%	52%	52%	53%	53%	53%	53%	53%	53%
Operating income	1,070	988	1,127	1,054	1,052	1,031	951	1,068	1,112	1,085	1,020	1,147
Operating margin	27%	25%	28%	26%	27%	26%	25%	26%	27%	27%	25%	27%
Interest expense	67.0	70.0	71.0	75.0	69.0	68.0	68.0	74.0	75.0	75.0	73.0	79.0
Net income	772	717	819	759	1,160	750	700	755	821	790	768	815
Net margin	19%	18%	21%	19%	29%	19%	18%	19%	20%	19%	19%	19%
Diluted EPS	$2.55	$2.38	$2.73	$2.54	$3.91	$2.53	$2.38	$2.58	$2.81	$2.72	$2.66	$2.84
Operating cash flow	982	1,039	589	687	891	1,114	592	550	1,021	963	623	723
Capital expenditure	126	131	95.0	116	108	118	96.0	101	117	105	95.0	92.0
Free cash flow	856	908	494	571	783	996	496	449	904	858	528	631
Buybacks	375	375	375	375	375	375	375	375	375	375	375	750
Dividends paid	396	421	419	418	415	443	441	439	438	467	465	463
Shares outstanding	301m	299m	298m	297m	295m	294m	293m	292m	290m	289m	288m	285m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 2 May 2024, accession 0000049826-24-000020: the filing on EDGAR. All of Illinois Tool Works Inc.'s filings: EDGAR company page.

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