Middleby makes light work of third quarter

Results season continued this week with Middleby Corporation revealing a 12% rise in quarterly sales to $404m (£255m).

The company had plenty of reason to celebrate as net earnings for the third quarter rose from $41m (£26m) last year to almost $60m (£38m) this time around.

Middleby acquired manufacturers Concordia and U-Line over the past three months, but even without the impact of those acquisitions the business still grew by more than 7%.

Story continues below
Advertisement

Net sales at the company’s Commercial Foodservice Equipment Group, which contains brands such as Lincat, Britannia, IMC and Houno, increased by $32m (£20m) to $263m (£166m) in the quarter, representing 14% growth.

Selim Bassoul, chairman and CEO of Middleby, said: “We continued to realise solid growth in sales and profit at our Commercial Foodservice Equipment Group. Increased sales reflect continued demand from customers adopting new technologies to improve the efficiency of their operations and continued growth in demand from international markets.”

Bassoul also hinted the company plans to begin pushing its Viking residential kitchen range overseas following the launch of new ranges, cooktops, ovens, refrigeration and ventilation products.

“We are making significant investments in international markets to promote these products along with expanding our residential selling organisation,” he revealed.

Authors

HAVE YOUR SAY...

*

Related posts

Top