Market’s Negative Reaction to ITW’s Conservative Guidance Doesn’t Alter Our Long-Term Thesis
Narrow-moat Illinois Tool Works had a solid fourth quarter to round out the year, performing broadly in line with our expectations, and we don’t anticipate any material change to our $140 fair value estimate. We’re also retaining our narrow moat, medium uncertainty, and Exemplary stewardship ratings. Full-year sales rose to $14.8 billion, or 3% from last year, right in line with our expectations. Total GAAP operating income rose to $3.6 billion, or 3%, also in line with our expectations, while f...Illinois Tool Works manufactures a range of industrial products and equipment. Automotive OEM segment produces components and fasteners for automotive-related applications. Food Equipment segment is engaged in commercial food equipment. Test and Measurement and Electronics segment produces equipment for testing and measuring of materials and structures. Welding segment produces arc welding equipment, consumables and accessories. Polymers and Fluids segment produces adhesives, sealants, lubrication and cutting fluids for auto aftermarket maintenance. Construction Products segment supplies fastening systems and solutions. Specialty Products segment is focused on patent protection.
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