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Illinois Tool Works Inc. (ITW+0.48%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The company reported operating revenue of $15,898 million, a slight decrease from $16,107 million in 2023. The decrease was primarily due to lower organic revenue and the unfavorable effect of foreign currency translation.
Operating income increased by 5.5% to $4,264 million, driven by benefits from the company's enterprise initiatives and favorable price/cost impacts.
Net income for 2024 was $3,488 million, up from $2,957 million in 2023. The effective tax rate for 2024 was 21.1%, benefiting from discrete income tax benefits related to the sale of the company's equity interest in Wilsonart.
The company completed the acquisition of two businesses in the Test & Measurement and Electronics segment for a total of $116 million in 2024. These acquisitions were not material to the company's results.
In August 2024, Illinois Tool Works sold its noncontrolling equity interest in Wilsonart International Holdings LLC for $398 million, resulting in a pre-tax gain of $363 million.
The company repurchased approximately 5.9 million shares of its common stock in 2024 for approximately $1.5 billion. As of December 31, 2024, there were approximately $3.5 billion of authorized repurchases remaining under the 2023 Program.
Illinois Tool Works declared cash dividends of $5.80 per share in 2024. Total cash dividends paid during the year amounted to approximately $1.7 billion.
The company's total debt as of December 31, 2024, was $7,863 million, a decrease from $8,164 million in 2023. The decrease was primarily due to the repayment of notes and a portion of the Euro Credit Agreement.
Illinois Tool Works continues to focus on its enterprise strategy, emphasizing portfolio management, business structure simplification, and strategic sourcing to drive organic growth and improve margins.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Illinois Tool Works Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.