Name: Illinois Tool Works Inc. (NYSE:ITW) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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Illinois Tool Works Inc., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Automotive OEM	2,800)	2,571)	3,063)	3,338)	3,271)
Food Equipment	2,078)	1,739)	2,188)	2,214)	2,123)
Test & Measurement and Electronics	2,346)	1,963)	2,121)	2,171)	2,069)
Welding	1,650)	1,384)	1,638)	1,691)	1,538)
Polymers & Fluids	1,804)	1,622)	1,669)	1,724)	1,724)
Construction Products	1,945)	1,652)	1,625)	1,700)	1,672)
Specialty Products	1,854)	1,660)	1,825)	1,951)	1,938)
Intersegment revenue	(22)	(17)	(20)	(21)	(21)
Operating revenue	14,455)	12,574)	14,109)	14,768)	14,314)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Operating revenue exhibited a period of relative stability followed by a significant contraction and a subsequent recovery between 2017 and 2021. Total operating revenue peaked in 2018 at 14,768 million USD before declining to a low of 12,574 million USD in 2020, representing a decrease of approximately 14.8% from the 2018 peak. By the end of 2021, revenue recovered to 14,455 million USD, nearly returning to the baseline levels seen in 2017.

Segment Volatility and Performance: Automotive OEM remained the largest revenue contributor throughout the period, though it experienced the most pronounced volatility. This segment declined from 3,338 million USD in 2018 to 2,571 million USD in 2020, before rebounding to 2,800 million USD in 2021.
Resilient Growth Areas: Test & Measurement and Electronics demonstrated a strong growth trajectory, reaching a five-year peak of 2,346 million USD in 2021. Construction Products also exhibited notable resilience, maintaining its revenue levels during the 2020 downturn at 1,652 million USD and achieving its highest value of 1,945 million USD in 2021.
Recovery Patterns: Food Equipment and Welding followed a consistent trend of decline in 2020 followed by a sharp recovery in 2021. Food Equipment revenue returned to 2,078 million USD, while Welding recovered to 1,650 million USD, indicating a restoration of demand across these industrial categories.
Stability Indicators: Polymers & Fluids exhibited the lowest variance across the five-year period, with revenues remaining within a narrow range between 1,622 million USD and 1,804 million USD, suggesting a more stable demand base compared to the more cyclical automotive and food equipment segments.
Intersegment Impact: Intersegment revenue remained negligible and consistent throughout the period, fluctuating slightly between -17 million USD and -22 million USD, and did not significantly influence the overall operating revenue trends.

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