It was a good year for The Middleby Corp., the global manufacturer of commercial appliances/foodservice equipment, residential appliances, and food processing equipment. Net sales in 2013 were up 37.6% with the help of acquisitions—and even without acquisitions net sales were up 10.4%.
Net earnings for the fourth quarter were $49,921,000 on net sales of $377,420,000, compared to the prior year fourth quarter net earnings of $37,788,000 on net sales of $291,612,000.
Net earnings for the fiscal year were $153,928,000 on net sales of $1,428,685,000, compared to net earnings of $120,697,000 on net sales of $1,038,174,000 in the prior year.
“For 2013 we reported positive financial results at all three of our business segments and continued to strengthen the competitive positions for each of these three platforms.”
Middleby's Commercial Foodservice Equipment Group 4Q 2013 net sales were up 14.7% and full-year net sales were up 13.9%.
In fiscal 2012, Middleby acquired Nieco. In fiscal 2013, Middleby acquired Celfrost and Wunder-Bar. Excluding the impact of these acquisitions, Commercial Foodservice Equipment Group sales increased 12.6% in the fourth quarter and 11.1% for the full year.
Middleby's Food Processing Equipment Group saw 4Q 2013 sales decrease 2.2%, while full-year sales were up 19.7%.
In fiscal 2012, the company acquired Baker Thermal Solutions and Stewart Systems. Excluding acquisitions, 4Q sales were down 2.2% while full-year sales were up 8.3%.
Middleby's Residential Kitchen Equipment Group was established on December 31, 2012, when the company acquired Viking. Net sales in the group were $56.2 million in the fourth quarter of 2013 and $231.7 million in the full fiscal year.
Gross profit for the corporation as a whole in the fourth quarter was up to $150.7 million, from $113.2 million, and the gross margin rate increased to 39.9% from 38.8%.
Gross profit for the corporation as a whole in fiscal year 2013 increased to $550.0 million, from $403.0 million, and the gross margin rate decreased to 38.5% from 38.8%.
Operating income was up to 26.9% in the fourth quarter to $74.5 million, from $58.7 million in the prior year quarter.
Operating income was up to 30.0% for full-year 2013 to $244.5 million, from $188.1 million in the prior year.
"For 2013 we reported positive financial results at all three of our business segments and continued to strengthen the competitive positions for each of these three platforms," said Selim A. Bassoul Chairman and CEO. “At our Commercial Foodservice Equipment Group, we realized continued growth with chain restaurant customers adopting our new innovative technologies as they seek to improve the efficiency of their restaurant operations."
Mr. Bassoul added, “At Viking, we made significant progress during the year on many fronts. We have made progress towards our profitability goals by refocusing the business and driving cost efficiencies. We realized continuing improvements in EBITDA margins throughout the year, which trended positively in the second half of 2013 and exceeded 15% for the full year. We also completed initiatives to establish our company owned sales and distribution organization through the acquisition and transition of over ten independent Viking distributors covering the U.S. and Canada."
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