Standex has blamed “continued softness” in refrigeration sales for a 10% downturn in foodservice equipment sales during its fiscal third quarter.
The company – which recently offloaded its cooking equipment division to Middleby in a $106m deal – said the pain was felt particularly hard in the retail channel, although it was partially offset by double-digit growth in the scientific sector due to new product launches.
Sales from its foodservice equipment arm fell from $70.8m year-on-year to $63.8m, while operating income plunged 36% to $3.5m for the three months to the end of March.
Bosses at the firm said they expect a sequential, seasonal revenue increase in the next quarter but with continued weakness in refrigeration.
In addition, it continues to pursue productivity improvements to address the current market conditions.
The company said it is also “actively pursuing” new refrigeration business opportunities as well as continuing to promote its new scientific, pump and display merchandizer product offerings.