Investors in Middleby Corporation were today given a boost when the company revealed a strong double-digit improvement in third quarter sales and profits.
The NASDAQ-listed firm raked in sales of $360m (£224m) during the three months to the end of September, a 39% rise on the corresponding period last year.
The bulk of the increase was down to acquisitions it has made in the foodservice sector, but even without those factored in the business still grew 12%.
Operating income rose 42% to $67.5m (£42m) during the quarter, while net earnings climbed 38% to $40.9m (£25.4m).
Middleby CEO, Selim Bassoul, said: “In the third quarter, at our Commercial Foodservice Equipment Group, we realised continued growth with chain restaurant customers adopting our new innovative technologies resulting in improvements in the efficiency of restaurant operations. We also continued to realise growth in international markets as our customers expand restaurant operations in emerging markets.”
Bassoul, meanwhile, said that the group also continued to realise revenue growth at its Food Processing Equipment Group division as food processors continue to expand and modernise existing plant operations through investments in new equipment innovations. He said new business opportunities were also coming from customers developing processing operations in emerging markets due to increasing demand for pre-cooked and pre-processing foods.
But he did point out that the Food Processing Equipment Group faces a tough task ahead of it to better last year’s Q4 performance. “In the fourth quarter of 2012 we realised sales growth of 30% due to certain large orders, and as a result will have a challenging 2013 fourth quarter comparison. However, we remain positive on the overall trends and prospects of this segment of our business,” he said.