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PRESS RELEASE ● • Total revenue of $ 3.7 billion , an increase of 43 % with organic growth of 37 % • Operating margin of 24.3 % , an increase of 680 basis points GAAP EPS of $ 2.45 , an increase of 143 % ● ITW ITW Reports Second Quarter 2021 Results 155 Harlem Avenue Glenview , Illinois 60025 Raising full year organic growth guidance to a range of 11 to 13 percent and GAAP EPS guidance to a range of $ 8.55 to $ 8.95 per share GLENVIEW , IL . , July 30 , 2021 Illinois Tool Works Inc. ( NYSE : ITW ) today reported its second quarter 2021 results . " In the second quarter , we saw continued improvement in both the breadth and pace of the recovery , with organic revenue growth at the segment level ranging from 17 to 84 percent , " said E. Scott Santi , Chairman and Chief Executive Officer . " In the face of rising raw material costs and a challenging supply chain environment , our people around the world leveraged the strength and resilience of our proprietary business model and the ' Win the Recovery ' actions taken over the course of the past year to serve our customers with excellence while delivering 43 percent revenue growth and 143 percent earnings growth . While the near - term environment is certainly not without its challenges , order intake rates in all segments and geographic regions remain strong and I have no doubt that we are well positioned to continue to execute at a high level as we move through the remainder of the year . " Second Quarter 2021 Results Second quarter revenue of $ 3.7 billion increased 43 percent versus the prior year period , as organic revenue grew 37 percent and foreign currency translation impact was favorable by six percent . Media Contact Illinois Tool Works Tel : 224.661.7451 mediarelations@itw.com GAAP EPS of $ 2.45 increased 143 percent and included a $ 0.35 one - time tax benefit related to the remeasurement of net deferred tax assets in the United Kingdom . Operating income increased 99 percent to $ 893 million and incremental margin was 40 percent . Operating margin was 24.3 percent , an increase of 680 basis points with enterprise initiatives contributing 150 basis points , partially offset by dilutive price / cost margin impact of 120 basis points . In the quarter , price recovery actions essentially offset raw material cost increases on a dollar - for - dollar basis . Free cash flow was $ 477 million , 72 percent of net income adjusted for the one - time tax benefit . After - tax return on invested capital improved to 30.8 percent . The effective tax rate for the second quarter was 10.1 percent , and excluding the one - time tax benefit , the effective tax rate was 23.0 percent . Investor Relations Illinois Tool Works Karen Fletcher Tel : 224.661.7433 investorrelations@itw.com