Exhibit 99.1 ITW Reports Third Quarter 2024 Results • Revenue of $4.0 billion, a decrease of 2% as organic growth declined 1% • Operating margin of 26.5% as enterprise initiatives contributed 130 basis points • GAAP EPS of $3.91 included a divestiture gain of $1.26; ex-gain EPS of $2.65, an increase of 4% • Raising full year GAAP EPS guidance by $1.33 to a range of $11.63 to $11.73 per share GLENVIEW, IL., October 30, 2024 - Illinois Tool Works Inc. (NYSE: ITW) today reported its third quarter 2024 results. “ITW delivered solid third quarter results, as our worldwide team continued to successfully navigate and overcome market challenges with strong operational execution as evidenced by operating margin of 26.5 percent, including 130 basis points contribution from enterprise initiatives, and EPS growth to $2.65 per share excluding a divesture gain,” said Christopher A. O’Herlihy, President and Chief Executive Officer. “All year, our focused execution and operational excellence have enabled the Company to effectively counter persistent market headwinds and achieve solid growth in margin and profitability while we continued to manage and invest in ITW to maximize growth and performance over the long term.” “As we look ahead to the balance of the year and beyond, ITW remains well-positioned to continue to execute at a high level through these near-term end market macro challenges while we remain focused on driving continued progress on our long-term strategy to build above-market organic growth, fueled by customer-back innovation, into a core ITW strength,” O’Herlihy concluded. Third Quarter 2024 Results Third quarter revenue of $4.0 billion declined by 1.6 percent as organic growth declined by 1.4 percent. Foreign currency translation impact reduced revenue by 0.4 percent and acquisitions increased revenue by 0.2 percent. GAAP EPS increased 53 percent to $3.91 per share and included a divestiture gain of $1.26 from the previously announced sale of the Company’s equity interest in Wilsonart International Holdings LLC (“Wilsonart”). Excluding this gain, EPS of $2.65 increased four percent. Operating income was $1.05 billion and operating margin of 26.5 percent was flat with prior year. Enterprise initiatives contributed 130 basis points and six of seven segments expanded operating margin. Sequentially, operating margin improved 30 basis points from the second quarter of 2024. Operating cash flow was $891 million, and free cash flow was $783 million, with a conversion rate to adjusted net income of 102 percent. During the quarter, the company repurchased $375 million of its own shares and raised its dividend seven percent to an annualized $6.00 per share. The effective tax rate for the third quarter was 14.9 percent. Wilsonart Divestiture On August 5, 2024, the company announced the sale of its noncontrolling equity interest in Wilsonart. Proceeds from the transaction, net of transaction costs, were $395 million, resulting in a pre-tax gain of $363 million. Income taxes on the gain were more than offset by a discrete tax benefit of $107 million related to the utilization of capital loss carryforwards which resulted in a favorable GAAP EPS impact of $1.26. The sale is not expected to have a material impact on the Company’s financial results in future quarters. 2024 Guidance ITW is incorporating the impact of the divestiture gain and a lower projected effective tax rate for the full year of approximately 21.5 percent into its 2024 guidance and raising GAAP EPS by $1.33 from the previous range of $10.30 to $10.40 to a new range of $11.63 to $11.73 per share. Based on current levels of demand and foreign currency exchange rates, the Company is maintaining its previous guidance for revenue and organic growth to be approximately flat for 2024. Operating margin is projected to be in the range of 26.5 to 27 percent, an improvement of 165 basis points at the midpoint, with enterprise initiatives projected to contribute more than 100 basis points. Free cash flow is projected to be approximately 100 percent of adjusted net income and the company plans to repurchase approximately $1.5 billion of its own shares. Non-GAAP Measures This earnings release contains certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is included in the attached supplemental reconciliation schedule. The estimated guidance of free cash flow to net income conversion rate is based on assumptions that are difficult to predict, and estimated guidance for the most directly comparable GAAP measure and a reconciliation of this forward-looking estimate to its most directly comparable GAAP estimate have been omitted due to the unreasonable efforts required in connection with such a reconciliation and the lack of reliable forward-looking cash flow information. For the same reasons, the company is unable to address the potential significance of the unavailable information, which could be material to future results. Forward-looking Statements This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding global supply chain challenges, expected impact of inflation including raw material inflation and rising interest rates, the impact of enterprise initiatives, future financial and operating performance, free cash flow and free cash flow to net income conversion rate, organic and total revenue, operating and incremental margin, price/cost impact, statements regarding diluted income per share, expected dividend payments, after-tax return on invested capital, effective tax rates, exchange rates, expected timing and amount of share repurchases, end market economic and regulatory conditions, the impact of recent or potential acquisitions and/or divestitures, and the Company’s 2024 guidance. These statements are subject to certain risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from those anticipated. Important risks that could cause actual results to differ materially from the Company’s expectations include those that are detailed in ITW’s Form 10-K for 2023 and subsequent reports filed with the SEC. About Illinois Tool Works ITW (NYSE: ITW) is a Fortune 300 global multi-industrial manufacturing leader with revenue of $16.1 billion in 2023. The company’s seven industry-leading segments leverage the unique ITW Business Model to drive solid growth with best-in-class margins and returns in markets where highly innovative, customer-focused solutions are required. ITW’s approximately 45,000 dedicated colleagues around the world thrive in the company’s decentralized and entrepreneurial culture. www.itw.com ILLINOIS TOOL WORKS INC. and SUBSIDIARIES STATEMENT OF INCOME (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, In millions except per share amounts 2024 2023 2024 2023 Operating Revenue $ 3,966 $ 4,031 $ 11,966 $ 12,124 Cost of revenue 2,230 2,319 6,637 7,004 Selling, administrative, and research and development expenses 658 615 2,020 1,980 Amortization and impairment of intangible assets 26 27 76 88 Operating Income 1,052 1,070 3,233 3,052 Interest expense (69) (67) (215) (196) Other income (expense) 379 10 421 40 Income Before Taxes 1,362 1,013 3,439 2,896 Income Taxes 202 241 701 656 Net Income $ 1,160 $ 772 $ 2,738 $ 2,240 Net Income Per Share: Basic $ 3.92 $ 2.55 $ 9.20 $ 7.38 Diluted $ 3.91 $ 2.55 $ 9.17 $ 7.36 Cash Dividends Per Share: Paid $ 1.40 $ 1.31 $ 4.20 $ 3.93 Declared $ 1.50 $ 1.40 $ 4.30 $ 4.02 Shares of Common Stock Outstanding During the Period: Average 296.1 301.9 297.6 303.4 Average assuming dilution 297.0 303.0 298.5 304.5 ILLINOIS TOOL WORKS INC. and SUBSIDIARIES STATEMENT OF FINANCIAL POSITION (UNAUDITED) In millions September 30, 2024 December 31, 2023 Assets Current Assets: Cash and equivalents $ 947 $ 1,065 Trade receivables 3,226 3,123 Inventories 1,817 1,707 Prepaid expenses and other current assets 314 340 Total current assets 6,304 6,235 Net plant and equipment 2,071 1,976 Goodwill 4,980 4,909 Intangible assets 617 657 Deferred income taxes 468 479 Other assets 1,384 1,262 $ 15,824 $ 15,518 Liabilities and Stockholders' Equity Current Liabilities: Short-term debt $ 1,768 $ 1,825 Accounts payable 556 581 Accrued expenses 1,655 1,663 Cash dividends payable 443 419 Income taxes payable 205 187 Total current liabilities 4,627 4,675 Noncurrent Liabilities: Long-term debt 6,578 6,339 Deferred income taxes 129 326 Noncurrent income taxes payable — 151 Other liabilities 1,098 1,014 Total noncurrent liabilities 7,805 7,830 Stockholders' Equity: Common stock 6 6 Additional paid-in-capital 1,651 1,588 Retained earnings 28,583 27,122 Common stock held in treasury (25,000) (23,870) Accumulated other comprehensive income (loss) (1,849) (1,834) Noncontrolling interest 1 1 Total stockholders' equity 3,392 3,013 $ 15,824 $ 15,518 ILLINOIS TOOL WORKS INC. and SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended September 30, 2024 Dollars in millions Total Revenue Operating Income Operating Margin Automotive OEM $ 772 $ 150 19.4 % Food Equipment 677 193 28.4 % Test & Measurement and Electronics 697 179 25.7 % Welding 462 149 32.3 % Polymers & Fluids 448 125 27.9 % Construction Products 479 145 30.2 % Specialty Products 438 136 31.1 % Intersegment (7) — — % Total Segments 3,966 1,077 27.1 % Unallocated — (25) — % Total Company $ 3,966 $ 1,052 26.5 % Nine Months Ended September 30, 2024 Dollars in millions Total Revenue Operating Income Operating Margin Automotive OEM $ 2,403 $ 469 19.5 % Food Equipment 1,975 537 27.2 % Test & Measurement and Electronics 2,071 501 24.2 % Welding 1,404 458 32.6 % Polymers & Fluids 1,334 364 27.3 % Construction Products 1,471 436 29.6 % Specialty Products 1,327 410 30.9 % Intersegment (19) — — % Total Segments 11,966 3,175 26.5 % Unallocated — 58 — % Total Company $ 11,966 $ 3,233 27.0 % ILLINOIS TOOL WORKS INC. and SUBSIDIARIES SEGMENT DATA (UNAUDITED) Q3 2024 vs. Q3 2023 Favorable/(Unfavorable) Operating Revenue Automotive OEM Food Equipment Test & Measurement and Electronics Welding Polymers & Fluids Construction Products Specialty Products Total ITW Organic (3.0) % (0.3) % (1.5) % (1.0) % 1.3 % (8.8) % 6.0 % (1.4) % Acquisitions/ Divestitures — % — % 1.0 % — % — % — % — % 0.2 % Translation (0.3) % 0.1 % 0.3 % (0.3) % (3.2) % 0.7 % (0.3) % (0.4) % Operating Revenue (3.3) % (0.2) % (0.2) % (1.3) % (1.9) % (8.1) % 5.7 % (1.6) % Q3 2024 vs. Q3 2023 Favorable/(Unfavorable) Change in Operating Margin Automotive OEM Food Equipment Test & Measurement and Electronics Welding Polymers & Fluids Construction Products Specialty Products Total ITW Operating Leverage (60) bps (10) bps (40) bps (20) bps 20 bps (170) bps 100 bps (20) bps Changes in Variable Margin & OH Costs 80 bps 150 bps 270 bps 90 bps 10 bps 250 bps 270 bps 40 bps Total Organic 20 bps 140 bps 230 bps 70 bps 30 bps 80 bps 370 bps 20 bps Acquisitions/ Divestitures — — (50) bps — — — — (10) bps Restructuring/Other 30 bps (30) bps 10 bps — (50) bps (50) bps (40) bps (10) bps Total Operating Margin Change 50 bps 110 bps 190 bps 70 bps (20) bps 30 bps 330 bps — Total Operating Margin % * 19.4% 28.4% 25.7% 32.3% 27.9% 30.2% 31.1% 26.5% * Includes unfavorable operating margin impact of amortization expense from acquisition-related intangible assets 30 bps 50 bps 170 bps - bps 150 bps 10 bps 20 bps 70 bps ** ** Amortization expense from acquisition-related intangible assets had an unfavorable impact of ($0.06) on GAAP earnings per share for the third quarter of 2024. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES SEGMENT DATA (UNAUDITED) YTD 2024 vs. YTD 2023 Favorable/(Unfavorable) Operating Revenue Automotive OEM Food Equipment Test & Measurement and Electronics Welding Polymers & Fluids Construction Products Specialty Products Total ITW Organic 0.3 % 0.3 % (2.0) % (3.1) % 1.0 % (6.5) % 6.0 % (0.7) % Acquisitions/ Divestitures — % — % 0.9 % — % — % — % (0.7) % 0.1 % Translation (1.0) % 0.1 % (0.3) % (0.1) % (3.2) % (0.1) % — % (0.7) % Operating Revenue (0.7) % 0.4 % (1.4) % (3.2) % (2.2) % (6.6) % 5.3 % (1.3) % YTD 2024 vs. YTD 2023 Favorable/(Unfavorable) Change in Operating Margin Automotive OEM Food Equipment Test & Measurement and Electronics Welding Polymers & Fluids Construction Products Specialty Products Total ITW Operating Leverage — 10 bps (50) bps (50) bps 20 bps (130) bps 120 bps (20) bps Changes in Variable Margin & OH Costs 190 bps — 140 bps 50 bps 90 bps 240 bps 290 bps 210 bps Total Organic 190 bps 10 bps 90 bps — 110 bps 110 bps 410 bps 190 bps Acquisitions/ Divestitures — — (50) bps — — — 20 bps (10) bps Restructuring/Other 30 bps (10) bps — 10 bps — (40) bps 20 bps — Total Operating Margin Change 220 bps — 40 bps 10 bps 110 bps 70 bps 450 bps 180 bps Total Operating Margin % * 19.5% 27.2% 24.2% 32.6% 27.3% 29.6% 30.9% 27.0% * Includes unfavorable operating margin impact of amortization expense from acquisition-related intangible assets 30 bps 40 bps 180 bps 10 bps 150 bps 20 bps 20 bps 70 bps ** ** Amortization expense from acquisition-related intangible assets had an unfavorable impact of ($0.19) on GAAP earnings per share for the first nine months of 2024. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES GAAP to NON-GAAP RECONCILIATIONS (UNAUDITED) AFTER-TAX RETURN ON AVERAGE INVESTED CAPITAL (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, Dollars in millions 2024 2023 2024 2023 Numerator: Net Income $ 1,160 $ 772 $ 2,738 $ 2,240 Net discrete tax benefit related to the third quarter 2024 (121) — (121) — Discrete tax benefit related to the second quarter 2023 — — — (20) Interest expense, net of tax (1) 53 51 164 150 Other (income) expense, net of tax (1) (288) (8) (320) (31) Operating income after taxes $ 804 $ 815 $ 2,461 $ 2,339 Denominator: Invested capital: Cash and equivalents $ 947 $ 990 $ 947 $ 990 Trade receivables 3,226 3,163 3,226 3,163 Inventories 1,817 1,799 1,817 1,799 Net plant and equipment 2,071 1,904 2,071 1,904 Goodwill and intangible assets 5,597 5,510 5,597 5,510 Accounts payable and accrued expenses (2,211) (2,168) (2,211) (2,168) Debt (8,346) (8,066) (8,346) (8,066) Other, net 291 (128) 291 (128) Total net assets (stockholders' equity) 3,392 3,004 3,392 3,004 Cash and equivalents (947) (990) (947) (990) Debt 8,346 8,066 8,346 8,066 Total invested capital $ 10,791 $ 10,080 $ 10,791 $ 10,080 Average invested capital (2) $ 10,682 $ 10,237 $ 10,466 $ 10,239 Net income to average invested capital (3) 43.4 % 30.1 % 34.9 % 29.2 % After-tax return on average invested capital (3) 30.0 % 31.9 % 31.3 % 30.5 % (1) Effective tax rate used for interest expense and other (income) expense for the three months ended September 30, 2024 and 2023 was 23.7% and 23.8%, respectively. Effective tax rate used for interest expense and other (income) expense for the nine months ended September 30, 2024 and 2023 was 23.9% and 23.4%, respectively. (2) Average invested capital is calculated using the total invested capital balances at the start of the period and at the end of each quarter within each of the periods presented. (3) Returns for the three months ended September 30, 2024 and 2023 were converted to an annual rate by multiplying the calculated return by 4. Returns for the nine months ended September 30, 2024 and 2023 were converted to an annual rate by dividing the calculated return by 3 and multiplying it by 4. After-tax ROIC for the nine months ended September 30, 2024 included 110 basis points of favorable impact related to the cumulative effect of the change from the LIFO method of accounting to the FIFO method for certain U.S. businesses ($117 million pre-tax, or $88 million after-tax) in the first quarter of 2024. A reconciliation of the tax rate for the three and nine month periods ended September 30, 2024, excluding the third quarter 2024 net discrete tax benefit of $121 million, which included favorable discrete tax benefits of $107 million related to the utilization of capital loss carryforwards upon the sale of Wilsonart International Holdings LLC ("Wilsonart") and $87 million related to a reorganization of the Company's intellectual property, partially offset by a $73 million discrete tax expense related to the remeasurement of unrecognized tax benefits associated with various intercompany transactions, is as follows: Three Months Ended Nine Months Ended September 30, 2024 September 30, 2024 Dollars in millions Income Taxes Tax Rate Income Taxes Tax Rate As reported $ 202 14.9 % $ 701 20.4 % Net discrete tax benefit related to the third quarter 2024 121 8.8 % 121 3.5 % As adjusted $ 323 23.7 % $ 822 23.9 % A reconciliation of the tax rate for the nine months ended September 30, 2023, excluding the second quarter 2023 discrete tax benefit of $20 million related to amended 2021 U.S. taxes, is as follows: Nine Months Ended September 30, 2023 Dollars in millions Income Taxes Tax Rate As reported $ 656 22.7 % Discrete tax benefit related to the second quarter 2023 20 0.7 % As adjusted $ 676 23.4 % AFTER-TAX RETURN ON AVERAGE INVESTED CAPITAL (UNAUDITED) Twelve Months Ended Dollars in millions December 31, 2023 Numerator: Net income $ 2,957 Discrete tax benefit related to the second quarter 2023 (20) Interest expense, net of tax (1) 204 Other (income) expense, net of tax (1) (38) Operating income after taxes $ 3,103 Denominator: Invested capital: Cash and equivalents $ 1,065 Trade receivables 3,123 Inventories 1,707 Net plant and equipment 1,976 Goodwill and intangible assets 5,566 Accounts payable and accrued expenses (2,244) Debt (8,164) Other, net (16) Total net assets (stockholders' equity) 3,013 Cash and equivalents (1,065) Debt 8,164 Total invested capital $ 10,112 Average invested capital (2) $ 10,214 Net income to average invested capital 29.0 % After-tax return on average invested capital 30.4 % (1) Effective tax rate used for interest expense and other (income) expense for the year ended December 31, 2023 was 23.2%. (2) Average invested capital is calculated using the total invested capital balances at the start of the period and at the end of each quarter within the period presented. A reconciliation of the 2023 effective tax rate excluding the second quarter 2023 discrete tax benefit of $20 million related to amended 2021 U.S. taxes, is as follows: Twelve Months Ended December 31, 2023 Dollars in millions Income Taxes Tax Rate As reported $ 866 22.6 % Discrete tax benefit related to the second quarter 2023 20 0.6 % As adjusted $ 886 23.2 % FREE CASH FLOW (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, Dollars in millions 2024 2023 2024 2023 Net cash provided by operating activities $ 891 $ 982 $ 2,167 $ 2,500 Less: Additions to plant and equipment (108) (126) (319) (324) Free cash flow $ 783 $ 856 $ 1,848 $ 2,176 Net income $ 1,160 $ 772 $ 2,738 $ 2,240 Net cash provided by operating activities to net income conversion rate 77 % 127 % 79 % 112 % Free cash flow to net income conversion rate 68 % (1) 111 % 67 % 97 % (1) Excluding the $363 million pre-tax gain on the sale of noncontrolling interest in Wilsonart and related taxes, and a discrete tax benefit of $87 million related to a reorganization of the Company's intellectual property, partially offset by a $73 million discrete tax expense related to the remeasurement of unrecognized tax benefits associated with various intercompany transactions, the free cash flow to net income conversion rate would have been 102% for the three months ended September 30, 2024. ADJUSTED NET INCOME PER SHARE - DILUTED (UNAUDITED) Three Months Ended September 30, 2024 As reported $ 3.91 Impact of sale of noncontrolling interest in Wilsonart (1) (1.26) As adjusted $ 2.65 (1) Includes the $363 million pre-tax gain on the sale of noncontrolling interest in Wilsonart and related taxes.

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.