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Middleby Reports Strong 2Q Sales, Earnings
Aug 8, 2014
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Commercial and residential appliance maker The Middleby Corp. reported second quarter net earnings of $48,405,000, on net sales of $424,776,000. Second-quarter 2013 net earnings were $37,163,000 on net sales of $363,801,000.

Net sales were up 16.8% from the previous year's 2Q. Excluding the impact of acquisitions, sales were up 11.0%.

COMMERCIAL APPLIANCES. Net sales in the company’s Commercial Foodservice Equipment Group was up by $40.9 million, or 18.3%, to $263.9 million in 2Q 2014, from $223.0 million in 2Q 2013.

HOME APPLIANCES. Net sales in the Residential Kitchen Equipment Group was up $12.1 million, or 20.6%, to $70.9 million in the 2Q 2014, from $58.8 million 2Q 2013.

Residential Kitchen Equipment was the business segment formed with Middleby's 2013 acquisition of Viking, maker of professional style home appliances.

FOOD PROCESSING. Net sales in the company’s Food Processing Equipment Group were up $8.0 million to $89.9 million in 2Q 2014.

Gross profit for Middleby as a whole in the second quarter was $166.2 million, up from $136.6 million.

Operating income was up 25.5% in the second quarter to $75.7 million, from $60.3 million in the prior year second quarter.

“At Viking, we completed the initiative started in 2013 to establish our company owned distribution operations through acquisition and transition of independent distributors covering the U.S., Canada and Mexico," said Selim A. Bassoul chairman and CEO. "We have largely completed the process of integrating the operations of these acquired independent distributors into a unified national sales and service organization to support our Residential Kitchen Equipment platform."

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