Catering equipment sales at ITW inch up to £1.67 billion

Hobart cooking suite

ITW’s foodservice equipment division – which houses global brands such as Hobart and Foster Refrigerator – racked up sales of $532m (£421m) during the past three months, matching the figure that it achieved in the same period last year.

Operating income grew 3% from $128m (£101m) XX to $132m (£105m) for the three months to the end of December 2016 as the business achieved an operating margin of 24.7%.

The strong finish to the year meant that annual sales of catering equipment at ITW totalled some $2.11 billion (£1.67 billion) versus $2.10 billion (£1.66 billion) the year before.

Annual operating income reached $537m (£425m), versus $498m (£394m), while operating margin ended up at 25.4%.

Foodservice equipment was one of five ITW divisions to register organic revenue growth in the fourth quarter as the company closed out a year of “record financial performance and strong execution”.

Full-year 2016 GAAP earnings hit $5.70 (£4.51) per share, an increase of 11%. Total yearly revenue increased 1% to $13.6 billion (£10.8 billion), with organic growth of 1%. The company said it was expecting first quarter organic earnings growth of 1% to 2%.

“We continue to work hard to push our performance to best-in-class levels, and we are well-positioned to deliver continued progress and strong results in 2017,” stated CEO and chairman Scott Santi.

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