Illinois Tool Works Inc. (NYSE:ITW) Q3 2023 Earnings Conference Call October 24, 2023 10:00 AM ET
Company Participants
Karen Fletcher - VP-IR
Scott Santi - Chairman and CEO
Christopher O'Herlihy - Vice Chairman
Michael Larsen - SVP and CFO
Conference Call Participants
Scott Davis - Melius Research
Tami Zakaria - JPMorgan
Andrew Obin - Bank of America
Steven Fisher - UBS
Julian Mitchell - Barclays
Mig Dobre - Baird
Joe O'Dea - Wells Fargo
Operator
Good morning. My name is Krista, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the ITW Third Quarter Earnings Conference Call. [Operator Instructions]
Thank you. Karen Fletcher, Vice President of Investor Relations. You may begin.
Karen Fletcher
Okay. Thanks, Krista. Good morning, and welcome to ITW's third quarter 2023 conference call. I'm joined by our Chairman and CEO, Scott Santi; Vice Chairman, Chris O'Herlihy; and Senior Vice President and CFO, Michael Larsen. During today’s call, we’ll discuss ITW’s third quarter financial results and provide an update on our full year 2023 outlook.
Slide 2 is a reminder that this presentation contains forward-looking statements. Please refer to the company’s 2022 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
Thank you, Karen, and good morning, everyone.
As you are all aware, on September 7, we announced our CEO succession plan, wherein I will be turning over the CEO role to my colleague, Chris O'Herlihy at year-end. Chris is an exceptional leader with deep expertise in ITW's highly differentiated business model, our focused strategy to leverage it to full potential and the company's unique one-of-a-kind culture. He has been an invaluable partner and collaborator with me over the past 11 years. We have worked closely together to prepare for this transition. He is more than ready and he will do an exceptional job as ITW's next CEO.
If you allow me a brief bit of reflection in the last 11 years, I will simply say that everything we did was driven by our fundamental belief in the performance power of the differentiated set of strategic and operational capabilities and practices that we refer to as the ITW business model. In this past phase, we focused on getting the company properly positioned to be able to leverage them to their full potential over the long term.