ITW books quarterly catering equipment sales of £445m

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ITW’s foodservice equipment division generated sales of $544m (£445m) for the three months to the end of September, third quarter figures published today reveal.

The haul marks a 1% improvement on the same period last year and means that nine-monthly sales of foodservice equipment from the division, which counts Hobart and Foster Refrigerator among its ranks, stand at $1.57 billion (£1.28 billion) globally.

Its divisional operating income for the quarter reached $149m (£122m) and $405m (£331m) for the nine months.

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Foodservice is just one of seven units that US-based ITW operates. Overall the company increased sales by 4% year-on-year to $3.5m (£2.9 billion) during the quarter as it achieved a record three-month operating margin of 23.1%.

“The ITW team delivered another quarter of quality execution and earnings growth marked by all-time record operating income and continued strong margin expansion driven by our Enterprise Strategy initiatives,” stated Scott Santi, chairman and CEO of ITW.

“In addition, continued progress in executing our pivot to growth in combination with our diversified portfolio of seven highly differentiated businesses allowed us to deliver positive organic growth in the third quarter despite a macro environment that remains challenging.”

All seven of ITW’s segments achieved operating margin at or above 21%, but food equipment led the way at 27.4%.

Tags : financialsFosterHobartITW
Andrew Seymour

The author Andrew Seymour

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