Foodservice Equipment Reports

Public E&S Companies Grow Sales 4.3% In Third Quarter

Results from eight publicly reporting equipment and supplies companies were mixed in the third quarter of 2015, according to data compiled by John Muldowney, principal at Clarity Marketing. Overall sales for the eight rose 4.3%, versus the third quarter last year, driven by strong gains from three of the equipment-oriented companies and a moderately positive result from Manitowoc Foodservice. But below the top-line numbers, most of the companies reported underlying strength.

The six equipment-oriented companies saw sales rise 5.2% in the quarter, matching third-quarter equipment sales as reported by manufacturers’ reps for the MAFSI Barometer.

Middleby grew sales 10.7% including revenues from five acquisitions integrated during the past year. Even without the effects of the new companies, sales rose 6.5%--driven in part by increased business from restaurant chains. Sales growth was also strong at ITW’s Food Equipment Group, with sales rising an estimated 8% in the quarter. And Rational North America, benefiting from a major restructuring of sales last year, said sales were up 27.2% in the quarter.

Manitowoc Foodservice posted its second consecutive quarter of revenue growth, up 2%, after sales fell in the fourth quarter 2014 and the first quarter of this year. Sales at Unified Brands were up an estimated 3.5%. Standex Foodservice reported a 5.8% decline in revenues, as the impacts of slowdown by major retail refrigeration customers were felt. But operating profits from the group rose 20.1% and sales at the Cooking Solutions Group rose 4%.  

On the supplies side, combined sales of Libby Foodservice and Carlisle Foodservice fell 0.9%. Libbey reported a 2% third quarter decline, as results were affected by declines in retail sales and a devaluation of the Mexican peso. But sales in pure foodservice market channels rose 4.5%, the company said. Overall sales at Carlisle Foodservice rose 1.3%, with foodservice gaining 2%, janitorial/sanitation up 5% and healthcare off 2%.

For the first nine months of 2015, overall sales of the eight companies have risen 3.7% with the six equipment companies up 4.2% and the two supplies companies up 0.4%. Oneida Ltd. has been pulled the list of companies we track as it continues to work its way through bankruptcy and delays timely reporting of results. 

Related Articles

Public E&S Companies Grow 7.5% In The Third Quarter

Public E&S Companies Grow 3% In Fourth Quarter But Manage Only 2.2% Gain For Year

E&S Public Companies Grow 3Q Sales 3.2%