Illinois Tool Works
Q4 2022 Earnings Call
Feb 02, 2023, 10:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning. My name is Cheryl, and I will be your conference operator today. At this time, I would like to welcome everyone to the ITW fourth-quarter earnings conference call. All lines have been placed on mute to prevent any background noise.
After the speakers' remarks, there will be a question-and-answer session. [Operator instructions] For those participating in the Q&A , you will have an opportunity to ask one question and, if needed, one follow-up question. Thank you. Karen Fletcher, vice president of investor relations, you may begin your conference.
Karen Fletcher -- Vice President, Investor Relations
Thank you, Cheryl. Good morning and welcome to ITW's fourth-quarter 2022 conference call. I'm joined by our chairman and CEO, Scott Santi, and senior vice president and CFO, Michael Larsen. During today's call, we will discuss ITW's fourth-quarter and full-year 2022 financial results and provide guidance for full-year 2023.
Slide 2 is a reminder that this presentation contains forward-looking statements. We refer you to the company's 2021 Form 10-K and subsequent reports filed with the SEC for more detail about important risks that could cause actual results to differ materially from our expectations. This presentation uses certain non-GAAP measures, and a reconciliation of those measures to the most directly comparable GAAP measures is contained in the press release. Please turn to Slide 3.
And it's now my pleasure to turn the call over to our chairman and CEO, Scott Santi.
Scott Santi -- Chairman and Chief Executive Officer
Thanks, Karen. And good morning, everyone. As you saw from our release this morning, in Q4, we delivered a strong finish to a year of high-quality execution in the face of some pretty unique challenges in the operating environment. Starting with the top-line organic growth.
It was 12% as all segments delivered positive organic growth, and five of our seven segments grew double digits led by auto OEM, up 20%; food equipment, up 17%; welding, up 15%; polymers and fluids, up 11%; and test and measurement and electronics, up 10%. Construction products was up 4%, and specialty products was up 3%. Operating margin expanded 210 basis points to 24.8%, with 110-basis-point contribution from enterprise initiatives and favorable price-cost margin impact of 70 basis points, which was, for the first time in nine quarters -- which was favorable for the first time in nine quarters. Incremental margin was 52%, and operating income grew 18%.