ITW Board of Directors Declares Quarterly Dividend

Rhea-AI Summary

The Board of Directors of Illinois Tool Works declared a $1.14 per share dividend for Q2 2021, totaling $4.56 annually, payable on July 15, 2021. Shareholders must be on record by June 30, 2021. Additionally, a new share repurchase program allows for up to $3 billion in buybacks over an open-ended period, representing approximately 13 million shares. The prior program from August 2018 has $1.0 billion remaining as of March 31, 2021.

Positive

• Dividend of $1.14 per share reflects strong cash flow management.
• New $3 billion share repurchase program demonstrates shareholder confidence.

Negative

• None.

GLENVIEW, Ill., May 07, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of Illinois Tool Works Inc. (NYSE: ITW) declared a dividend on the company's common stock of $1.14 per share for the second quarter of 2021. The dividend equates to $4.56 per share on a full-year basis. The dividend will be paid on Thursday, July 15, 2021 to shareholders of record as of June 30, 2021.

The Board also approved a new share repurchase program that authorizes management to buy back up to $3 billion of the Company’s common stock over an open-ended period of time. The full authorization represents approximately 13 million shares based on ITW’s closing share price on May 6, 2021. The Company’s existing share repurchase authorization of $3 billion was announced in August 2018 and has approximately $1.0 billion remaining in that program as of March 31, 2021.

About Illinois Tool Works
ITW (NYSE: ITW) is a Fortune 200 global multi-industrial manufacturing leader with revenues totaling $12.6 billion in 2020. 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 43,000 dedicated colleagues around the world thrive in the company’s decentralized and entrepreneurial culture. www.itw.com

Media Contact	Investor Relations
Illinois Tool Works	Illinois Tool Works
Tel: 224.661.7481	Tel: 224.661.7433
mediarelations@itw.com	investorrelations@itw.com

FAQ

What is the dividend amount declared by ITW for Q2 2021?

The dividend amount declared by ITW for Q2 2021 is $1.14 per share.

When will the dividend be paid to ITW shareholders?

The dividend will be paid on July 15, 2021.

What is the total annual dividend for ITW based on the Q2 2021 declaration?

The total annual dividend for ITW based on the Q2 2021 declaration is $4.56 per share.

What is the amount authorized for ITW's new share repurchase program?

The new share repurchase program authorizes up to $3 billion in buybacks.

How many shares does the $3 billion repurchase program represent for ITW?

The $3 billion repurchase program represents approximately 13 million shares based on the share price as of May 6, 2021.