ITW reports third quarter 2020 results

GLENVIEW - Illinois Tool Works Inc. Friday reported its third quarter revenue of $3.3 billion, down 4.9% percent compared to the same quarter last year. Revenue was up 29% versus its second quarter.

Divestitures reduced revenue by 1%, partially offset by a foreign currency translation benefit of 0.7%, the company said.

On May 5, ITW suspended annual guidance for 2020 due to uncertainties regarding the duration and severity of the COVID-19 pandemic.

"In the face of the unprecedented challenges and circumstances brought about by the global pandemic, our strong operational and financial performance over the last several quarters provides further evidence that ITW is a company that has both the enduring competitive advantages and the resilience necessary to deliver consistent upper tier performance in any economic environment," said E. Scott Santi, chairman and chief executive officer.