Public E&S Companies Up Only 1.1% First Quarter 2015

While the broad equipment and supplies market, as represented by the MAFSI Business Barometer, saw strong gains in sales, sales of the nine publicly reporting E&S companies were mixed in the first quarter 2015. Combined sales rose only 1.1%, as declines in sales were reported by four of the companies. Robust gains were reported by the other five companies. The numbers are compiled for FER by John Muldowney, principal at Clarity Marketing.

Equipment-oriented companies saw combined sales rise only 1.2%. Manitowoc Foodservice, which represents nearly 29% of the nine companies’ combined sales, saw sales fall 9.9%. It was its second negative quarter in a row, as the company struggles with the aftereffects of problems with its KitchenCare program. Unified Brands also was off 14% in the first quarter. On the other hand, Middleby Foodservice saw sales jump 12% (7.9% without acquisitions), ITW Food Equipment Group North America posted an estimated 10% gain and Standex Foodservice’s sales rose 8%. Rational North America’s revenues soared 40%, as it benefited from an earlier restructuring.

The three supplies-oriented companies’ combined sales rose 0.5%. Libbey Foodservice posted a 4.4% gain, but Carlisle Foodservice’s sales dropped 2.7% and Muldowney estimated EveryWare’s sales to be off 5.3%. The company filed for a pre-packaged bankruptcy proceeding in early April.