ITW cheered by catering equipment financials

Financial accounts from conglomerate ITW suggest the company’s catering equipment business is in good shape following the conclusion of its second quarter.

Foodservice sales for the three months to the end of June reached $537m (£319m), with the division registering operating income of $105m (£62m).

The company said: “Food Equipment’s organic revenues increased 3% due to growth in equipment and service in North America as well as increased equipment sales internationally. Operating margins of 19.5% increased 80 basis points.”

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Catering equipment brands under ITW’s ownership include Avery Berkel, Foster, Hobart, Traulsen and Vulcan among others.

The top-line results of ITW’s catering equipment operations were stronger than the business as a whole. It managed organic growth of 1.4%, although overall sales did increase 4% year-on-year.

CEO Scott Sandi described it as a “very good” quarter and confirmed the company was raising its earnings per share guidance range for 2014.

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