By Connor Hart

Illinois Tool Works Inc. on Tuesday said its second-quarter net income fell as increased operating costs and unfavorable foreign-currency translations offset increased sales.

The Glenview, Ill.-based industrial products and equipment manufacturer said net income fell to $738 million, or $2.37 a share, from $775 million, or $2.45 a share, in the previous year.

Revenue for the quarter ended June 30 rose to $4.01 billion from $3.68 billion in the prior year. Analysts were expecting revenue of $3.97 billion, according to FactSet.

Organic revenue, which strips out currency swings as well as acquisitions or divestitures, grew 10%.

Six of seven segments delivered positive organic growth in the quarter, the company said, led by the food-equipment segment, which was up 25%; the welding segment, which was up 22%; and the construction products segment, which was up 15%.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

August 02, 2022 08:33 ET (12:33 GMT)

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