Illinois Tool Works has suspended its 2020 outlook because of looming uncertainty, which the specialized equipment manufacturer attributed to the COVID-19 pandemic. 

 

Scott Santi, chairman and chief executive officer of ITW, said significant end-market disruptions will persist in the near-term, and that the company is cutting costs where possible to sustain profits. 

 

ITW’s operating revenue fell to $5.7bn in H1 2020 from $7.1bn during the first half of 2019, while its net income of $885mn declined from $1.2bn.

 

The company’s total revenue of $2.6bn in Q2 2020 decreased from $3.6bn during the second quarter of 2019. ITW posted a net income of $319mn last quarter, which dropped from $623mn in Q2 2019. 

 

ITW is a diversified manufacturer that supplies parts for deep-sea oil rigs, aerospace, cars, wind turbines, and many other durable and consumable equipment.          

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