ITW reports solid quarter across the globe

ITW has stoked hopes of a continued market recovery after reporting a 5% rise in catering equipment sales during the first quarter of 2014.

The company said its Food Equipment division had seen a “solid” improvement in business on both sides of the Atlantic for the three months to the end of March.

“Food Equipment’s organic revenues grew 5% due to solid growth in equipment and service in North America and strong equipment sales internationally. Operating margins of 18.6% increased 190 basis points,” the company stated.

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ITW owns almost dozen catering equipment businesses, including the likes of Bonnet, Foster, Hobart and Wolf.

The quarterly growth in foodservice sales was higher than the 3.3% increase in organic revenue that the company posted overall.

Total sales reached $3.6 billion (£2.1 billion) while operating income rose 16% to $667m (£397m).

“Thanks to the worldwide ITW team, we produced operating margins of nearly 19%, grew our EPS 15% and expanded adjusted after-tax ROIC to more than 17% in the quarter,” said president and CEO, Scott Santi.

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