Illinois Tool Works Inc. (ITW) Q3 2023 Earnings Call Transcript

Illinois Tool Works Inc. (NYSE:ITW) Q3 2023 Earnings Conference Call October 24, 2023 10:00 AM ET

Company Participants

Karen Fletcher – VP-IR

Scott Santi – Chairman and CEO

Christopher O’Herlihy – Vice Chairman

Michael Larsen – SVP and CFO

Conference Call Participants

Scott Davis – Melius Research

Tami Zakaria – JPMorgan

Andrew Obin – Bank of America

Steven Fisher – UBS

Julian Mitchell – Barclays

Mig Dobre – Baird

Joe O’Dea – Wells Fargo


Good morning. My name is Krista, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the ITW Third Quarter Earnings Conference Call. [Operator Instructions]

Thank you. Karen Fletcher, Vice President of Investor Relations. You may begin.

Karen Fletcher

Okay. Thanks, Krista. Good morning, and welcome to ITW’s third quarter 2023 conference call. I’m joined by our Chairman and CEO, Scott Santi; Vice Chairman, Chris O’Herlihy; and Senior Vice President and CFO, Michael Larsen. During today’s call, we’ll discuss ITW’s third quarter financial results and provide an update on our full year 2023 outlook.

Slide 2 is a reminder that this presentation contains forward-looking statements. Please refer to the company’s 2022 Form 10-K and subsequent reports filed with the SEC for more detail about important risks that could cause actual results to differ materially from our expectations. This presentation uses certain non-GAAP measures, and a reconciliation of those measures to the most directly comparable GAAP measures is contained in the press release.

Please turn to Slide 3, and it’s now my pleasure to turn the call over to our Chairman and CEO, Scott Santi.

Scott Santi

Thank you, Karen, and good morning, everyone.

As you are all aware, on September 7, we announced our CEO succession plan, wherein I will be turning over the CEO role to my colleague, Chris O’Herlihy at

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