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.

Tags : catering equipmentfinancial resultskitchensProjects
Andrew Seymour

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