| Stage | ITW | % of rev | IR | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $4.2B | 100.00% | $2.1B | 100.00% | ITW ×2.05 |
| Gross profit | $1.9B | 45.09% | $924M | 44.76% | ITW +0.3pp |
| Operating income | $1.2B | 27.79% | $783M | 37.90% | IR +10.1pp |
| Pre-tax income | $1.1B | 26.70% | $725M | 35.12% | IR +8.4pp |
| Net income | $855M | 20.18% | $672M | 32.52% | IR +12.3pp |
| Stage | ITW | IR | Gap · A − B |
|---|---|---|---|
| Revenue | $4.2B100.00% | $2.1B100.00% | ITW ×2.05 |
| Gross profit | 45.09%$1.9B | 44.76%$924M | ITW +0.3pp |
| Operating income | 27.79%$1.2B | 37.90%$783M | IR +10.1pp |
| Pre-tax income | 26.70%$1.1B | 35.12%$725M | IR +8.4pp |
| Net income |
| 20.18%$855M |
| 32.52%$672M |
| IR +12.3pp |
No disclosed counterparties: ITW, IR.