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Middleby Sales Up as Restaurants Upgrade for Efficiency
May 11, 2012
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Middleby Corporation, maker of commercial appliances, foodservice equipment, and food processing equipment, reported net earnings for the first quarter of 2012 were $22,095,000 on net sales of $228,823,000, both up from 1Q 2011 net earnings of $17,825,000 on net sales of $182,572,000.

Net sales were up 25.3% in the first quarter, with sales from acquisitions amounting to $36.5 million or 20.0%. Excluding acquisitions, 1Q 2012 sales were up 5.4%.

Commercial Foodservice Equipment Group 1Q net sales were up 16.0%. Excluding the impact of 2011 acquisitions Beech and Lincat, sales were up 6.2%.

Net sales in the Food Processing Equipment Group increased 75.3%; excluding acquisition, net sales were up 1.3%

Gross profit in the quarter increased to $87.5 million from $71.8 million.

Operating income increased 16.9% to $36.7 million, up from from $31.4 million in 1Q 2011.

Chairman and CEO Selim A. Bassoul said first quarter Commercial Foodservice sales were helped by better sales to chain restaurants, who are upgrading equipment and adopt new technologies for better operational efficiencies.

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