Business

Pandemic has impact on Middleby

Posted November 04, 2020 10:00 pm

ELGIN - The Middleby Corp. Thursday reported net earnings for the 2020 third quarter of $60.5 million, or $1.10 per diluted share, on net sales of $634.5 million. Adjusted net earnings were $73.9 million or $1.34 adjusted diluted earnings per share.

Net sales decreased 12.4% in the third quarter of 2020 over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 14.1% in the third quarter, reflecting the impact of COVID-19, the company said.

Middleby is a global manufacturer of equipment for the commercial food service, food processing and residential kitchen industries.

"While the COVID-19 pandemic continues to have a major impact on our business, the quick and decisive actions we took earlier this year have strengthened our business and are reflected in the strong financial performance in the third quarter," said Tim FitzGerald, CEO.

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