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PRESS RELEASE ITW 155 Harlem Avenue Glenview , Illinois 60025 ITW Reports Record First Quarter 2021 Results • Total revenue of $ 3.5 billion , an increase of 10 % . Organic growth of 6 % , 8 % on an equal days ' basis Record Q1 financial performance : Operating income of $ 905 million , an increase of 19 % Operating margin of 25.5 % , an increase of 190 basis points GAAP EPS of $ 2.11 , an increase of 19 % After - tax ROIC of 32.1 % Raising full year GAAP EPS guidance by $ 0.60 to a range of $ 8.20 to $ 8.60 per share GLENVIEW , IL . , April 30 , 2021 - Illinois Tool Works Inc. ( NYSE : ITW ) today reported its first quarter 2021 results . " We saw continued improvement in the demand environment across a broad cross section of our business portfolio in the first quarter and our teams around the world responded , " said E. Scott Santi , Chairman and Chief Executive Officer . " The combination of the ' Win the Recovery ' actions we initiated over the course of the past year , the foundational strength of ITW's 80/20 front - to - back business system , and our continuing progress in executing our long - term enterprise strategy allowed us to meet our customers ' increasing needs while delivering excellent profitability leverage , as evidenced by our 19 percent earnings growth , 45 percent incremental margins , and 120 basis points of margin benefit from enterprise initiatives in the quarter . While a number of significant issues and uncertainties remain on the path to recovery from the COVID - 19 pandemic globally , I am confident that ITW is well - positioned to both seize the opportunities and deal with the challenges that lie ahead as we move through the balance of 2021. " First Quarter 2021 Results First quarter revenue of $ 3.5 billion increased 10 percent versus the prior year period , as organic revenue grew six percent , or eight percent when equalizing for one less shipping day in 2021 versus 2020 , and foreign currency translation impact was favorable by four percent . Product Line Simplification ( PLS ) activities reduced organic revenue growth by 20 basis points . GAAP EPS of $ 2.11 increased 19 percent . Operating income increased 19 percent to $ 905 million . Operating margin was 25.5 percent , an increase of 190 basis points with enterprise initiatives contributing 120 basis points . Free cash flow was $ 541 million , 81 percent of net income and in line with typical Investor Relations Illinois Tool Works Karen Fletcher Tel : 224.661.7433 investorrelations@itw.com