NEW YORK (TheStreet) -- Shares of Middleby (MIDD) - Get Report were climbing 6.98% to $131.57 on heavy trading volume mid-afternoon Thursday after the company posted better-than-expected results for the 2016 second quarter.
The Elgin, IL-based maker of food service equipment reported earnings of $1.28 per share, topping analysts' estimates of $1.11 per share.
Revenue for the quarter was $580.5 million, higher than Wall Street's expectations of $551.7 million.
"Domestically we have strong demand from our restaurant chain customers that continue to adopt our innovative equipment solutions; however the first half of 2016 was comparatively challenging due to several large chain rollouts that occurred in the first half of 2015," CEO Selim Bassoul said in a statement.
About 1.06 million of the company's shares changed hands so far today vs. its average volume of 324,614 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, increase in net income, growth in earnings per share, largely solid financial position with reasonable debt levels by most measures and expanding profit margins.
The team believes its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MIDD