Public E&S Companies Post Another Quarter Of Strong Growth

Combined sales of eight publicly reporting foodservice equipment and supplies companies grew 6.7% in the third quarter this year, compared with the third quarter 2013, according to an analysis by John Muldowney, director of marketing at the Boelter Cos. It is the fourth consecutive quarter the eight companies have seen combined revenues grow by 6.6% or more.

The five equipment-oriented companies grew sales 7.4% while the three supplies-oriented conglomerates saw combined sales rise 3.7% in the third quarter. The equipment companies’ sales rose 8.4% in the second quarter while the supplies companies posted a 1.4% decline in combined sales in the second quarter. For the first nine months of 2014, the equipment companies’ sales are up 7.8%, while the three supplies companies are barely positive at 0.1% growth.

Middleby Foodservice and Standex Foodservice led the gains, both posting growth of 13.9% for the third quarter. Muldowney estimates ITW FEG sales grew 6% in North America. Manitowoc Foodservice sales were up 3.8%. Rational North America’s sales fell 5.6% as the company was in the midst of restructuring.

Among the supplies-oriented companies, Libbey Foodservice posted a 7.3% increase for the quarter, while Carlisle Foodservice saw sales rise 5.5% on gains from foodservice and healthcare products. EveryWare, the combination of Anchor Hocking and Oneida, continued to struggle with its integration; sales fell 13.1% in the quarter vs. the same quarter last year.

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