Robust chain and international growth helped juice combined revenues of eight large publicly reporting foodservice equipment and supplies companies 6.6% in the second quarter of 2014, compared with the same quarter in 2013. The increase follows a strong first-quarter gain of 7.4%. The eight companies’ combined revenues exceed $4 billion annually. The public company numbers are compiled and estimated by John Muldowney, a marketing executive at the Boelter Cos.
The gain contrasts with much slower growth for the broader North American E&S market as reflected in the MAFSI Barometer; MAFSI’s rep members reported growth of 3.1% during the quarter.
The five equipment-oriented companies led the charge, with combined revenues up 8.4%. This follows a 9.5% increase in the first quarter of 2014. All five companies reported second-quarter sales gains.
Middleby, helped in part by recent acquisitions, posted 18.1% growth 2Q; the company said organic growth was a still impressive 9% as new tech rollouts and international growth boosted sales. Strong chain growth was also a factor in Standex Foodservice Equipment Group’s 11.1% gain in the quarter. Manitowoc Foodservice reported a 4.4% increase thanks in part to chain rollouts of beverage equipment in Europe and the Middle East and hot-holding equipment in the U.S. ITW FEG had an estimated 4.5% increase, while Rational North America reported a 3.2% gain.
Two of the three public supplies-oriented companies posted moderate increases 2Q. A strong 13% gain at Carlisle’s Dinex division helped offset lower sales for other foodservice products, leading to an overall 2.1% increase for the quarter. Libbey Foodservice said sales rose a slight 0.5%. EveryWare, the new public combination of Anchor Hocking and Oneida, continued its struggles with integration. Sales fell a reported 14.3% in the quarter, pulling down the combined supplies group to a 1.4% drop in revenues. The three companies saw a 2.5% sales decline in the first quarter.
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