Business

Middleby's misses analysts forecasts

Posted August 12, 2009 11:00 pm

Bloomberg News

Middleby Corp., the maker of Toastmaster toasters and MagiKitch'n charbroilers, sunk as much as 12 percent in Nasdaq trading after second-quarter earnings and revenue trailed analysts' projections.

Net income fell to $13.7 million, or 74 cents a share, in the period ended July 4, from $17.1 million, or 99 cents, a year earlier, according to a company statement yesterday. Eight analysts estimated 81 cents, on average, according to a Bloomberg survey. Sales declined 8.6 percent to $158.6 million, Middleby said. Analysts predicted $169.5 million.

The Elgin-based company shrank $3.90, or 7.4 percent, to $48.61 at 11:57 a.m. New York time in Nasdaq Stock Market composite trading. Earlier, it reached $46.28, for the biggest intraday decrease since Dec. 1. The shares soared 93 percent this year before today.

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