The Middleby Corporation has posted a solid increase in quarterly revenue and profit despite complaining of “lower sales” in Europe again.
The company admitted it continued to face difficult market conditions in Europe, but its performances elsewhere meant the disappointment failed to halt its global charge.
Worldwide sales for the three months to the end of September climbed 18% to $258m (£162m) with acquisitions factored in. Even without acquisitions, Middleby grew the business 10%.
Net profits climbed from $23m (£14m) a year ago to $30m (£19m) this time around.
Middleby CEO Selim Bassoul said the firm’s Commercial Foodservice Equipment Group continued to see strong uptake from multi-site customers taking advantage of new cooking technology.
“We continued to realise growth in emerging markets and with chain restaurant customers as they upgrade equipment and adopt new technologies to improve the efficiency of store operations,” he said. “This growth was offset in part by lower sales in Europe due to difficult market conditions.”
Middleby recently confirmed the takeover of Stewart Systems, a manufacturer of automated proofing and oven systems for the baking industry, and Nieco, which specialises in commercial conveyor broilers.