GLENVIEW, IL. – Illinois Tool Works reported third quarter test & measurement and electronics revenue was $552 million, up 12.9% year-over-year.

Operating income for the segment was $148 million, an increase of 27.6% compared to the third quarter of 2020.

For the nine-month period ended Sept. 30, electronics revenue was $1.7 billion, up 22.1%, and operating income was $475 million, an increase of 34.2% year-over-year.

Total third quarter revenue grew 8% to $3.6 billion, with 6% organic growth. Operating income grew 7% to $845 million. The company’s total operating cash flow was $619 million, 97% of net income, and free cash flow was $548 million, 86% of net income.

“We saw continued strong growth momentum in six of our seven segments in the third quarter, while our Automotive OEM segment continued to be impacted by auto production reductions associated with the well-publicized supply chain challenges affecting our customers,” said E. Scott Santi, chairman and CEO. “Our teams around the world continue to do an exceptional job of executing for our customers and for the company in a very challenging environment, as evidenced by the 6% organic growth and 10% earnings per share growth that ITW delivered in the quarter. Moving forward, we remain highly focused on fully leveraging the competitive strength of the ITW business model and the investments we have made, and continue to make, in support of the execution of our enterprise strategy and our ‘Win the Recovery’ positioning to their full potential.”

Pending final regulatory approvals, ITW expects to complete its previously announced acquisition of the MTS Test & Simulation business in the fourth quarter of 2021.

ITW expects total revenue growth of 13% to 14% and organic growth in the range of 11% to 12% in 2021.

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