The Middleby Corporation, maker of commercial foodservice appliances and food processing equipment, had net earnings for the fourth quarter of 2011 of $34,559,000, up from $20,994,000 in the fourth quarter of 2010. Fourth quarter 2011 net sales were $243,760,000, up 17.6% from 4Q 2010 net sales of $207,233,000. Operating income increased 29.8% in the fourth quarter to $44.9 million, from $34.6 million in 4Q 2010. Operating income increased in full-year 2011 by 21.1% to $148.7 million, from $122.8 million in 2010.
Net earnings for full-year 2011 were $95,473,000, up from $72,867,000 in 2010. Net sales in 2011 were $855,907,000, up 19.0% from $719,121,000 in 2010.
Excluding acquisitions, 4Q sales were up 5.9% and full-year sales up 7.0%.
Net sales by Middleby's Commercial Foodservice Equipment Group were up 25.1% in the fourth quarter and up 18.3% for the full year. In fiscal 2011 the company acquired Beech and Lincat. Excluding these acquisitions, sales in the commercial appliances business in the 4Q were up 15.7% and in the full year were up 11.6%.
"In the fourth quarter, at our Commercial Foodservice Equipment Group, we realized revenue gains resulting from improvement in industry conditions and increased market penetration," said Chairman and CEO Selim A. Bassoul. "Revenue growth reflects sales with chain restaurant customers as they upgrade equipment and adopt new technologies to improve the efficiency of store operations."
He said the segment continues to see strong international growth, with growing business in emerging markets.
Net sales in Middleby's Food Processing Equipment Group in the 4Q were down 8.9% and in the full year were up 23.3%. IN fiscal 2011, the company acquired Auto-Bake, Maurer-Atmos, Danfotech, Drake, and Armor Inox. Excluding the impact of the acquisitions, 4Q sales were down 28.6% and full year sales were down 18.9%.
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