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Middleby 3Q Sales Up 17.8%
Nov 8, 2012
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Commercial appliance and foodservice equipment maker The Middleby Corporation (Elgin, IL, U.S.), reported third quarter 2012 net earnings of $29,769,000 on net sales of $257,699,000, from 3Q 2011 net earnings of $23,461,000 on net sales of $218,720,000

Net sales were up 17.8% in 3Q 2012 from 3Q 2011.

Excluding the impact of acquisitions, 3Q 2012 sales were up 9.8%.

Net sales in the Middleby Commercial Foodservice Equipment Group were up 5.0% in 3Q 2012.

Net sales at the Middleby Food Processing Equipment Group were up 99.7% in 3Q 2012 from 3Q 2011. Excluding the impact of recent acquisitions, 3Q 2012 sales were up 40.2%.

Overall 3Q 2012 Middleby gross profit was up to $100.4 million from $87.3 million. Operating income was up 27.4% to $47.4 million from $37.2 million in the prior year quarter.

"Sales increased at our Commercial Foodservice Equipment Group as we continued to realize growth in emerging markets and with chain restaurant customers as they upgrade equipment and adopt new technologies to improve the efficiency of store operations," said Chairman and CEO Selim A. Bassoul. "This growth was offset in part by lower sales in Europe due to difficult market conditions."

Bassoul added, "We are very pleased to have recently announced the acquisitions of Stewart Systems and Nieco. With these two additions we continue to expand and further strengthen both our Commercial Foodservice and Food Processing platforms. Nieco is a leader in the manufacture of conveyor broilers for leading restaurant chains and other commercial kitchens. Middleby's global manufacturing, sales and support infrastructure will allow us to further extend the presence of these brands with our customers demanding unique and cost efficient solutions as they expand internationally."

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