Middleby Q2 Net Income Rises - Quick Facts

(RTTNews) - Middleby Corp. (MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing and residential kitchen industries, reported second quarter net earnings of $54.27 million or $0.95 per share compared to $48.40 million or $0.85 per share, prior year.

The company noted that its earnings per share of $0.95 included the impact of foreign exchange rate losses and restructuring expenses, which collectively reduced earnings per share by $0.07 per share. Excluding the impact of these items, earnings per share increased to $1.02 per share.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $1.00 for the quarter. Analysts' estimates typically exclude special items. Net sales were $436.29 million compared $424.78 million, a year ago. Net sales increased 2.7% compared to the prior year second quarter. Sales related to recent acquisitions added 7.6% for the quarter. Excluding the impact of acquisitions and foreign exchange changes, net sales declined 2.1%. Analysts expected revenue of $466.13 million for the quarter.