Middleby sales increase as pandemic worries ease
ELGIN -- The Middleby Corp. reported net earnings for the third quarter of $176.0 million or $3.09 diluted earnings per share, on net sales of $817.5 million. Adjusted net earnings were $106.4 million, or $1.92 adjusted diluted earnings per share, the company said.
"We continue to build upon the positive momentum across our business segments -- investing in technology innovations to address the dynamic market trends, furthering our strategic sales initiatives, and expanding our brand portfolio with the recent acquisitions of Novy and Imperial Range," said Tim FitzGerald CEO of the Middleby Corporation.
Middleby is a worldwide manufacturer of equipment for the commercial food service, food processing and residential kitchen industries.
Net sales increased 28.8% in the third quarter over the comparative prior year period. Excluding the impacts of acquisitions, a disposition and foreign exchange rates, sales increased 22.4% in the third quarter over the comparative prior year period, reflecting improvements in market conditions and consumer demand since the initial impact of COVID-19, Middleby said.