GLENVIEW, IL – Illinois Tool Works reported its test and measurement/electronics unit had second quarter revenue of $533 million, down 3.8% year-over-year.
For the quarter ended June 30, the test and measurement/electronics business reported operating income of $131 million, flat with the same period last year.
ITW’s total revenue for the quarter was $3.6 billion, down 5.8% year-over-year.
“In the second quarter, we experienced a deceleration in demand across our portfolio, relative to the demand levels we were seeing exiting the first quarter,” said E. Scott Santi, chairman and CEO. “On a sequential basis, second quarter organic revenue declined approximately two percentage points versus first quarter run rates.
“In this more challenging demand environment, the ITW team executed well on the elements within our own control and delivered solid financial results. Operating margin improved year-over-year to 24.4%, excluding higher restructuring impact of 30 basis points, as enterprise initiatives contributed 110 basis points.
“We are updating our full-year guidance to reflect current levels of demand. All other assumptions remain essentially unchanged. We continue to expect a stronger second half on a relative basis, as known headwinds from foreign currency and higher restructuring expenses dissipate.”
For the six months ended June 30, the test and measurement/electronics unit posted revenue of $1.06 billion, a decrease of 3.6% year-over-year. Operating income was $257 million, down 0.4%.
ITW's test and measurement/electronics group includes MPM, Kester, Electrovert, Vitronics and other leading brands.