Illinois Tool Works Inc. (NYSE:ITW) Q3 2023 Earnings Call Transcript

Joe O’Dea: And then, how does that kind of compare, relate to some of what you’re seeing from your customers right now, I think, in the prepared remarks, you talked about maybe a little bit of slower kind of CapEx demand trends out of your customers. What you’re seeing in sort of test and measurement or welding and the degree to what you’re hearing from customers is this is more inventory related or if it’s something that’s a little bit of a pause that’s more maybe macro uncertainty related?

Michael Larsen: I think it’s really hard to tell. I mean, I think overall, the demand environment, as we said there’s, clearly some uncertainties here in the near-term. Inventory as part of that, the interest rate environment, everybody being maybe a little bit more cautious on the CapEx side and then in of our segments, particularly, the auto strike. So there’s, a lot of things going on here. It is a pretty dynamic environment, it can change pretty quickly. The only thing we know for sure is that, the ITW team will continue to read and react to whatever conditions are on the ground. And I think if you just look at our track record, we’ll continue to deliver differentiated long-term performance. And so that’s really our focus is on continuing to do just that.

Joe O’Dea: Understood. Thank you.

Michael Larsen: Thank you.

Operator: Thank you for participating in today’s conference call. All lines may disconnect at this time. Have a wonderful day.