ITW kitchen equipment sales increase 1% to £344m in Q1

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ITW, the owner of major industry brands such as Hobart and Foster, said that sales of foodservice equipment reached $499m (£347m) during the first quarter of 2016.

The results mark a slight 1% improvement on the $495m (£344m) it booked in the corresponding period last year.

ITW’s Food Equipment division, which includes 10 brands, registered an operating income of $122m (£85m) during the quarter, while operating margin reached 24.5%.

Overall, the US-based organisation, which operates several industrial business segments, revealed that total Q1 company sales inched up 1% to $3.27 billion (£2.27 billion).

“We are pleased with ITW’s strong start to 2016,” said CEO Scott Santi. “In a challenging environment, the company continued to deliver meaningful improvement in all of its key performance metrics: organic growth, EPS, operating, margin, return on invested capital and free cash flow.”

The company said its revenue growth forecasts remain unchanged at between 1% and 3%.

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