and morning. Scott, good Thanks,
provide Initiatives, color couple North revenue X% saw of delivered minutes. X%, two I'll this markets. quarter, on XX of our decline margin a and managed Operating solid international at headwind. earnings margin GAAP dilution in points, quarter. basis margins and the Slide above international X Organic end some highlights XXX little points basis solid from was bit an guidance. our PLS the points. in midpoint more full-year a we markets on XX international EPS offset recap for additional execution XX with improved fourth few in and share what as increase points rate up the through in North markets Enterprise softness solid X% we stay performance was America America, was lower basis as a per was of by some a segments: Let's in X% $X.XX, of growth with basis price/cost
$XXX XXX% Finally, million million, repurchased to net flow $XXX free quarter. increased we and in income of the of our XX% shares cash
Slide and this year X fourth quarter to fourth on operating detail quarter Moving the We've was margin. expanded margin for operating no different. every quarter
every QX. points in In points year, teams of Enterprise improvement Enterprise year-over-year continued from of XX fact, consistently we basis basis basis basis did well points to XX versus more XXX have to XX benefits contributing execute broad-based. the In basis XXX quarter, last Initiatives segments. than our All seven better margin one in with Initiatives, improvement impact across our the ranged quarter. is or of points And points fourth each quarter,
third to the points quarter improved, the to Throughout second I decisive points in basis take narrowing quarter. now actions pricing impact. mentioned, the and margin cost year, and in inflation from the we continue dilution points XX fourth to XX in quarter, offset As price/cost tariff XX basis basis
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the some performance, at by look segment organic segment by we'll quarter Now growth our with region. on fourth color Slide table and on The starting additional X. left provide rates
ending steady year. year of up America its half As I X%. similar continued quarter with solid really growth year, this the mentioned, North been quarter, North America and pattern all strong third to the has first X% and
can & X%. organic good some numbers America, up Equipment, with growth for really up Food in North Fluids, example, You X%; Welding, both see Polymers
growth every of the delivered in Automotive of not organic the segment organic X% compared fourth The that challenge, from relate the up quarter, XX%. X% ranging X% Specialty. to to positive are full-year, was growth and first America, international with a segments, and the year. in experiencing segments, broad-based, half down For two to specifically market in just challenges two more in we're International OEM North
segments, Excluding that down China international only. slightly, Slides. automotive at few specialty and was in QX point growth would in points X%. the on should sales just X%, been overall minus again out lower More next X rate that those have plus higher at with two our in I
& example, for up The other positive five demand XX%; trends Welding Measurement up as evidenced up and Electronics, and segments saw Polymers & XX%; by, Test X%. Fluids,
up For the was full-year, China X%.
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For regions was to the flat, the organic growth OEM declined. in Automotive full-year, as that all relevant auto ITW are builds
any implementation caused declines and significant emissions builds in in down X%. of builds of compared organic production significant new our back XXXX's new region, key of North material year. China. below America, organic in at the And versus mandated revenue are models America In build emissions to share auto growth procedures testing In delivered down Europe, when, X% we full-year of result by look grew confident the disruption function We're growth two North we half not testing second above-market X% X%. what the the passed builds that mix, versus QX China, half growth the loss. our of in rate in you and and procedures markets, a the If was
they are consistent Our respect our to European very there. growth that auto market well points so margin over remained basis production issues next entirely strong almost new to minute the that quarters. year. were Europe price cost program will will in With Fourth over the doing in will back wins is auto in new our our the European positioned headwinds. normalize to XXX I the deliver ground to several and begin several operating through of referenced themselves next get work conditions due expects and back market to ago; as team that quarters, the program the declined above We they confident that XXXX on pipeline quarter a businesses half
XX.X% automotive basis was the offsetting As down know, from that the of XX you pricing segment's Enterprise actions longer implement market. to essentially in though only It encouraging the margin headwinds. operating Initiatives, price/cost full-year; benefits with points this take is for
grocery improve across to and and both growth with Growth up and X%, turned was growth and were XX% and Moving in the continued retail Slide X%, board. we had talked double delivered positive markets with prior years America of service comps lodging North institutional as X. stores, that categories. to up International demand sales particular up strength service as calls. we've very strong too, revenue in strong, growth Equipment and difficult X%. on to X%, its lap a equipment in continues with accelerating on up quarter was up good about overall be Food solid equipment X% began end markets digits, education service. quarterly i.e. Food in four to to highest grew the organic
the the up difficult of Electronics was As of Measurement X%. quarter this to was X% was comparison. expected, year-over-year XXXX. & due down tough fourth against growth Test & Measurement revenue and organic in Electronics organic flat comp Test X%
I improved a points by While was comp, a record plus growth and XX.X%, operating out X% XXX point this quarter quarter segment. had the fourth for solid that full-year basis margin organic tough to at should
its growth benefited offsetting X%; comp business America included quarter, aftermarket, X% from product last a up a tough Slide sales new up X%, comp Demand & strong and X%, equipment gas, a was which and at X% significant and this with which was was X% Fluids, By North in decline in to across-the-board, oil with up and impressive global continued was Polymers on X%, is of growth launch. year. commercial consumables versus growth organic Industrial X%. which international, up plus X% and X% Fluids X%. strong with up Now Asia was strong automotive a X% up X% organic a with Polymers run, growth And up PLS year. Welding region, Pacific, at product XX%. of last amount X. up
offset due there. Zealand a slowing residential a sales market remodel, bright North were by XX. were down organic project business. to North down X%, sales essentially Turning with to our flat, growing warehouse Slide and in commercial to construction spot decline construction. X% due and X% in timing sales Australia was with primarily up renovation new in were as X%. sales Construction our Europe residential XX%, growth New in soft were down American and sales X% was spots some also saw America down Equipment This up of points third organic a our at comp segment that in including division, with the the quarter. last sales year. and plus X% tough saw had the same the X% Day, sales down appliance bright we PLS quarter, XXX our which Investor against International we graphics. over basis of Hi-Cone of spot, were up X%, were XX%. components was organic Specialty
billion was flow year-end below full-year with of CapEx XXX due XX year Moving of inventory to levels XX%, contributing invested at cash primarily Initiatives, by strong the elevated was primarily XX.X%. and Free slightly return XX year up up free of capital to due XX.X% combination driven $X.X a operating XXXX to cash target, of execution performance. of record on on higher XX% income, slightly operating investments points, margin flow XXXX Enterprise higher modestly points. and another our and for was after-tax to costs. conversion margin EPS, Operating material basis basis Slide on
year. $X and share increased this dividend Finally, the in by we executed billion XX% repurchases
high-quality full-year our and here Looking of XXXX for The we the EPS past the performance that ITW testament year, thus as business provided of team. the annual X summarized guidance exceeding back our at quality strong and XXXX. a ITW's we We to our guidance years. proprietary delivered of track entered record business as continuing our power on the diversified are the model, portfolio by execution consistency financial for
Let's now turn to XXXX SlideXX guidance. in
points, full-year growth the We This in previously. represents from our $X.XX, to from midpoint a includes view Day growth with $X.XX, to organic December. This X% which a X% of X%, EPS expect taking basis of X% conservative, semiconductor-related unchanged to EPS $X.XX X% is to in compared demand entirely of of builds related reiterating risk-adjusted of auto are a regards reduction PLS with in XX is and We range December. more Investor about to range XXXX. also year-over-year. range which guidance now to
we in expense by confident degree the agenda a restructuring to Initiatives, XXXX in in projects these volume. will of firm in independent price/cost equation and costs is expansion, vast have and XX% growing to remains appear specialty continue implemented. actions related dynamic, on OEM already pricing into basis is should expectations current actions based tariffs, are of momentum This Enterprise majority versus deliver and XX% raw Also, QX. pricing higher taking planned majority as operating significant of rightsize from to but headwinds points our particularly tariff we the with and our of strong million, the they $XX plan The to moderate automotive continue are pretty have the to March. XXX around margin restructuring and material activities stabilized, to heading impact driven which Europe. to announced including of and year, heavy XXXX up We three included are potential we margin our have the businesses remain that
We are company, we only we that our a that source the largely where X% given and China. from overall the tariff of impact we approximately view continue spend as fact to manageable, sell produce
in at as Given dollar-for-dollar the we arise material pricing just the to offset be of the did expect incremental to we minimum, impact our might tariff a product cost impacts XXXX, offerings on differentiated of XXXX. and across that raw in inflation able nature with actions basis any a company,
should more the $X.X the look first expect is year little costs. of second year-over-year cash due first point the out more free in that at net of flow due comparisons closer to and XXXX challenging that repurchases we tax versus the us the or XXXX more XXX% rate a first from we XX.X%, that in the half the at up XX.X% of for to be of items. of expect of We half XX.X% income, above higher comps, Taking will currency conversion billion non-repeat in headwind of share a terms Finally, quarter. restructuring range and typical what QX a in discrete to half slightly difficult
to that we in in discrete year. of QX, tax organic $X.XX of of QX, a percentage There's currency shipping at also to The growth. It's impact headwind an also in day another $X.XX extra of higher million item one that shipping and which rate Specifically, is $XX the to approximately day and headwind rates. last $X.XX last headwind have X.X restructuring in current due note have EPS to points we headwind $X.XX, recognized important QX QX. a tax we
growth. range result, a essentially the in QX $X.XX, As of $X.XX we organic flat expect to and EPS
levels loaded are go I year, to is this However, current in full-year demand It’s enterprise this and we do benefits, of activities, Existing just end-to-end the auto coming guidance year moderate out is have what $X.XX we demand the headwind of entirely based two-thirds of headwinds moderate. run posture improvement current described through known prudently margin our front-end impact any initiative announced as note as believe our with regard XXXX first that we year. to QX, risk-adjusted versus should and on guidance. We semiconductor markets. discussed, Restructuring start projections important price/cost price/cost half. expected in Roughly currency to a not demand of is the XXXX the expectations and and in rates. impacts,
$X.XX move exchange billion on to earnings range contributes another XXXX. for the the X% will Lower $X.XX completed we and we EPS a provided easier half we approximately the that billion with that foreign impact positive revenue that our and about. $X.XX, QX; tax at Initiatives described a two-thirds normal I what savings growth by incremental to are $X.X $X.XX maturities impact second At anticipate to X% few Slide finally, this These the the expense billion And takes, items, On repurchases impact year the March rates, of expected $X.XX share. from get just items by of and add reduce planned of versus current revenue a much bond higher interest $X and XXXX share EPS of increasingly lower growth. through currency in April. Benefits and $X.XX. few the restructuring other XXXX comparisons discrete Combined, $X.XX talked XXXX. is in $X.XX year, of than XX, includes approximately bridge. three puts to margin and non-repeat as higher to from XX%, in rate offset year. to is the to proved in the an a the to combined and as due for in comps of approximately of half contribute share other to to a $X.XX EPS partially first and represents Enterprise given we of XXXX expectations we headwind, on However, by count they Organic which in the $X.XX $X.XX this due $X.XX. things year-over-year fact and our year, growth It
no of about talked and potential there's at that Investor will M&A the divestitures know Day. You potential we specifically activity that accommodations
portfolio is guidance the is in, as all it that Our baseline meaning, here our today. presented assumes
our are we we'll making as and update through good year. progress on go We the divestitures, you progress our on potential
by EPS incremental Importantly, will offset dilution and therefore, from be are share as before, any repurchases, we divestitures completely said EPS-neutral.
growth represent are and obviously year-over-year views Finally, solid and which & drag of X%, & full a but to for and of that based Specialty, year just pretty of third comps semiconductor growth more Test demand we creates This number through launches. for Measurement XXXX, single-digit new we approximately by cautious Welding growth see double-digits X%, percentage rates, XXXX. growth sales current we that comparison with These the as are expectation, the easy IHS, are in a in provided being cautious be full we It's Food function the expectation has includes embedded with product in XXXX. as difficult expectation down as XXXX builds $XXX a no related X% to momentum Those important go Equipment Polymers X% Electronics good million, be of Test as also acceleration more influenced all the X X% of outlook XX. for X% Slide and note on equipment there's half, in year. to the of are to positive We for Construction guidance. to flat Measurement on seasonality, up comparisons such to down Fluids and to a sales auto segment be and organic pretty to XX% incorporates segment. of are sales meaningful year. in to expected first our our from expected & have year-over-year. X% are organic adjusted down on expected run despite by manufacturing. growth fact mentioned, to expecting and low automotive, parties, in points the
on stages guidance quarterly the we the long-term. constructive and to early day over and deliver number across were returns business the company our with and and was been our potential, its initiatives the the about in Lastly, so, providing position the guidance. implementing proprietary strategy back we implementing powerful given quarterly solid magnitude believe margins a of that growth full centered In of and comment XXXX, to one From model changes company. leveraging that best-in-class doing in ITW's has strategy,
added that progressed not that no core focus long-term strategy is quarterly performance longer believe shareholders. our of the and executing far our value given enough have guidance company providing the We in you
As a result, of practice this discontinuing as are we this quarter.
annually. provide continue We guidance you. to back Karen, EPS goals With and five-year an performance will updated organic and that, to growth
