Middleby 1Q Profit Rises 7 Percent To Beat Outlook

ELGIN, Ill. (AP) — Middleby Corp., a maker of foodservice equipment under such brands as TurboChef and Toastmaster, on Thursday reported a 7 percent increase in first-quarter profit, helped by revenue from acquisitions.

The company earned $14.1 million, or 77 cents per share, compared with a profit of $13.2 million, or 77 cents, in the same period a year earlier.

Revenue rose 13 percent to $181.5 million from $160.9 million, mainly due to the purchase of TurboChef Technologies Inc., which was completed in January. Without the acquisition, revenue would have fallen by 4 percent.

The results easily beat estimates of analysts surveyed by Thomson Reuters, who were expecting a profit of 61 cents per share on revenue of $167.4 million, on average.

Looking ahead, Middleby said it expects the business environment to continue to be difficult, but that reduced steel costs will benefit the remainder of the year.

Shares of Elgin, Ill.-based Middleby rose $2.98, or 7 percent, to $45.57 in after-hours trading. The stock closed earlier at $42.59, down 61 cents.