Middleby Sales Up 40%
Aug 12, 2013
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The Middleby Corporation (Elgin, IL), reported that net sales were up 40% in the second quarter compared to the second quarter of the previous year. Acquisitions accounted for $76.1 million or 29.3% of increased net sales during the quarter; excluding the impact of acquisitions, 2Q sales increased 10.7%.

Middleby, maker of commercial foodservice appliances, residential appliances, and food processing equipment, reported second quarter net earnings of $37,163,000 on net sales of $363,801,000. Net earnings in the second quarter of the prior year were $31,045,000, on net sales of $260,040,000.

Middleby's 2Q 2013 gross profit increased to $136.6 million, from 2Q 2012's $101.8 million.

"We continued to realize strong growth at both the Commercial Foodservice Equipment Group and the Food Processing Group," said Chairman and CEO Selim A. Bassoul. "Increased revenues in both segments reflect demand from customers adopting new technologies to improve the efficiency of their operations and continued expansion in international markets."

The second quarter of 2013 saw Middleby continue its integration of recently acquired residential appliance maker Viking, with the purchase of four of Viking's former distributors for about $14.9 million.

"These acquisitions will allow us to control and enhance critical aspects of the sales, marketing and customer support processes," Bassoul said. He expects the company to finalize reorganization of domestic distribution channels in the second half of the 2013.

"We are also very excited about the significant pipeline of new Viking products and product enhancements scheduled for introduction in the second half of this year," Bassoul said. "This includes the introduction of several new products and technologies adopted from our Commercial Foodservice business, such as a new high speed oven developed in conjunction with Turbochef. We have also focused heavily on development of products specifically for the international markets, obtaining international certifications for approximately one-hundred products that we now can offer to markets outside of the U.S."

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