The Middleby Corporation, a global manufacturer of restaurant and foodservice cooking equipment, reported net earnings for the third quarter were $20,602,000 on net sales of $177,793,000, compared to third quarter 2009 net earnings of $15,501,000 on net sales of $153,989,000. Excluding the acquisitions, 3Q sales increased 11.7%, including a 10.7% sales in the Commercial Foodservice Group and a 19.3% sales increase at the Food Processing Group.
For the year so far, Middleby net sales were $511,888,000, compared to $494,136,000 in the first nine months of 2009. Net earnings were $51,873,000 for the first nine months of 2010, compared to $ 43,282,000 in the first nine months of 2009.
Gross profit increased to $70,687,000 in the third quarter, up from 2009 3Q's $62,037,000. The gross margin rate was 39.8% in 3Q 2010, compared to 40.3% in 3Q 2009; the gross margin rate reflected increased steel costs and the impact of recent acquisitions with lower margins.
Operating income increased to $32,011,000, from $28,074,000 in 2009, on higher revenues.
"At our commercial foodservice business, we have realized revenue gains resulting from modest improvement in the industry conditions and increased market penetration," said Selim A. Bassoul, chairman and CEO. "The recent expansion of our international selling organization has positioned us well in the emerging markets."
Mr. Bassoul continued, “Sales at our Food Processing Group continued to remain strong resulting from increased capital budgets and the realization of deferred orders with our food processing customers."
Middleby's 3Q results include recent acquisitions: PerfectFry, making ventless frying systems for commercial foodservice, was acquired on July 13, 2010; Cozzini, manufacturer food processing equipment, was acquired on Sept. 21, 2010.
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