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.