Middleby Corp. reports sale increase

ELGIN — The Middleby Corp. Tuesday reported net earnings for the fourth quarter and full 2022 fiscal year, including revenue of $1.03 billion in the quarter, a 19.1% increase year over year.

Excluding the impacts of acquisitions and foreign exchange rates, net sales increased 14% in the fourth quarter over the comparative prior year period, reflecting higher shipments resulting from investments to increase production, the company said.

For the year, earnings before income taxes were $564 million, compared to $620 million in fiscal year 2021. Annual net earnings per basic share were $8.07, compared to $8.85 per share a year ago.

During the fourth quarter, Middleby completed the acquisitions of Escher Mixers and Marco Beverage Systems. Escher is a leading provider of innovative dough handling and mixing equipment, including automated and robotic solutions.
“Escher is a perfect complement to our current industrial bakery business, extending our product offering and expanding the integrated full-line solutions we can provide to our bakery customers,” said Tim FitzGerald, CEO of Middleby.

Middleby is a worldwide manufacturer of equipment for the commercial food service and food processing industries, and residential kitchens.