Business

Middleby recovering from pandemic losses

Posted February 21, 2022 10:00 pm

ELGIN - The Middleby Corp. Tuesday reported net earnings of $488 million for its 2021 fiscal year, up from $207 million in the prior year.

Net earnings for the 2021 fourth quarter were $102.7 million, or $1.80 diluted earnings per share on net sales of $866.4 million. Adjusted net earnings for the quarter were $117.1 million, or $2.11 adjusted diluted earnings per share.

For the full fiscal year, net earnings were $8.85 per share, compared to $3.76 in 2020 at the height of a pandemic that hit the restaurant industry particularly hard.

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

"We are proud of the many accomplishments this year as we navigated the significant operational challenges from supply chain disruption due to the continuing effects of COVID," said Tim FitzGerald, CEO.

"We concluded the year with the additions of Kamado Joe, Masterbuilt and Char-Griller, further expanding our residential equipment business and significantly increasing our presence in the outdoor category."

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