ITW applauds 'across-the-board' growth in equipment

Quarterly revenues at Hobart and Foster owner ITW have grown 5% year-on-year, the company’s latest financials reveal.

The company said organic sales from its Food Equipment unit had experienced “across-the-board growth” in equipment and service worldwide.

It banked sales of $575m (£359m) from catering equipment and refrigeration sales in the three months to the end of September, making it the third largest of ITW’s three divisions.

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Operating margins of 23.1% increased 320 basis points as the Food Equipment arm booked an income of $133m (£83m).

Overall, ITW’s company sales increased 3.5% to $3.7 billion (£2.3billion) and operating income increased 14% to $772m (£481m), the highest quarterly operating income total in its history.

Internationally, the European business grew 3%.

“These results reflect continued progress in the execution of our enterprise strategy as we position ITW for solid organic growth with best-in-class margins and returns,” stated Scott Santi, president and CEO.

ITW said it was raising its full-year EPS guidance off the back of its performance, but warned investors that total revenue growth in the fourth quarter is likely to be flat due to currency translation effects.

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