Middleby 2Q Profit Declines With Sales
ELGIN, Ill. (AP) ¿ Middleby Corp., a maker of foodservice equipment with brands TurboChef and Toastmaster, on Thursday said it earned a lower second-quarter profit as sales declined.
Profit declined to $13.7 million, or 74 cents per share, from $17.1 million, or 99 cents per share, a year ago.
Sales slipped 9 percent to $158.6 million from $173.5 million last year.
Analysts surveyed by Thomson Reuters expected earnings of 87 cents per share and revenue of $170.2 million."We anticipate that the business environment may continue to be challenging for the remainder of the year," Chief Executive Selim A. Bassoul said in a statement.
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