Middleby Posts Lower 3rd-quarter Profit
ELGIN, Ill. (AP) ¿ Middleby Corp., a maker of foodservice equipment with brands TurboChef and Toastmaster, on Tuesday said its third-quarter profit declined 4.8 percent as sales continued to be hurt by the economy.
The company earned $15.5 million, or 83 cents per share for the period ended Oct. 3, down from $16.3 million, or 96 cents per share, in the prior-year period.
Sales slipped 7.5 percent to $154 million from $166.5 million a year earlier. Revenue for Middleby's Commercial Foodservice Group and Food Processing Group both fell 19.8 percent and 19.6 percent, respectively, as sales continued to be affected by the economy.
Analysts surveyed by Thomson Reuters expected earnings of 79 cents per share with revenue of $163.9 million."We anticipate that the business environment may continue to be challenging into the beginning of next year," said Selim Bassoul, chairman and CEO, in a statement. "We continue to implement measures to reduce our costs to offset lower volumes in the near term." Middleby said it has looked to reduce supply chain costs and improve manufacturing efficiencies. Shares added 76 cents to $46.94 in morning trading.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV