GLENVIEW, IL – ITW’s test & measurement and electronics unit reported first quarter revenue of $543 million, up 13.1% year-over-year and down 0.4% sequentially. Operating income for the business unit was $127 million.

Illinois Tool Works’ total operating revenue for the quarter ended Mar. 31 was $3.7 billion, an increase of 7.9% year-over-year.

Net income was $652 million, up 21.6% compared to the same period last year. Operating income was $903 million, up 11.9%.

“We are off to a solid start in 2018,” said E. Scott Santi, chairman and CEO. “Despite lower than expected auto builds impacting our automotive OEM segment, we delivered 3% organic revenue growth, which, along with strong execution on our enterprise initiatives and disciplined price/cost management, resulted in operating earnings growth of 12% year-on-year for the quarter. As we look ahead at the balance of the year, the combination of ITW’s resilient high-quality business portfolio, positive underlying demand trends, and additional benefits from enterprise initiatives have the company well positioned for continued top and bottom line growth.”

The firm’s’ test & measurement and electronics unit includes MPM, Kester Solder and Vitronics Soltec.

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