Illinois Tool Works Inc.

Good morning. My name is Cath and I will be your conference operator today. At this time, I would like to welcome everyone to the ITW's first quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the star one again. For those participating in the Q&A, you will have the opportunity to ask one question, and if needed, one follow-up question. Thank you. Erin Linehan, Vice President of Investor Relations, you may begin your conference.

Thank you, Kat. Good morning, and welcome to ITW's first quarter 2026 conference call. I'm joined by our President and CEO, Chris O'Herlihy, and Senior Vice President and CFO, Michael Larson. During today's call, we will discuss ITW's first quarter 2026 financial results and provide an update on our outlook for full year 2026. Slide two is a reminder that this presentation contains forward-looking statements. Please refer to the company's 2025 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 three, and it's now my pleasure to turn the call over to our President and CEO, Chris O'Harely. Chris?

Thank you, Erin, and good morning, everyone. As you saw in our press release this morning, ITW delivered a solid start to the year with results that were in line with our expectations. In the first quarter, we continue to outperform our underlying end markets, delivering revenue growth of 5% and a 12% increase in GAAP EPS $2.66. Through disciplined operational execution, we expanded operating margin by 60 basis points, 25.4%. We continue to capitalize on positive demand trends in our CAPEX-related segments, with organic growth and welding up 6% and test and measurement and electronics up 5%. While our consumer-facing businesses contended with challenging end-market dynamics, the ITW team executed at a high level on the profit drivers within our control. Our enterprise initiatives contributed 120 basis points to the bottom line, driving that 60 basis point overall margin improvement. We were equally encouraged by our continued progress on ITW's organic growth agenda, specifically on customer-backed innovation, or CBI as we call it. we are positioning the company to consistently deliver 3% plus CBI contribution to revenue by 2030. As we've noted before, this is the key driver of our ability to consistently deliver 4% plus high quality organic growth at the enterprise level. As we look ahead and based on our solid Q1 results, we are raising our full year gap EPS guidance by 10 cents. Our new guidance midpoint of $11.30 incorporates a slightly lower tax rate and represents 8% year over year growth. Our full year organic growth projection of 1 to 3% remains unchanged, reflecting current demand levels adjusted for seasonality. For the full year, we expect operating margin expansion of approximately 100 basis points powered by our enterprise initiatives. Notably, all seven segments are projected to deliver positive organic growth and margin expansion in 2026. As we've said before, ITW's unique business model, resilient portfolio, and do-what-we-say execution demonstrated daily by our colleagues worldwide ensure we are well positioned to deliver robust financial performance in any environment and remain invested in our long-term strategy through any business cycle. As order activity continues to strengthen across several of our end markets, our production capacity, new product pipeline, and best-in-class customer-facing metrics, position us to take market share and fully capitalize on these positive demand trends that we are now beginning to see. With that, I'll now turn the call over to Michael to provide more detail on the quarter and our guidance for 2026. Michael. Thank you, Chris, and good morning, everyone.