Middleby Corp. sales up with acquisitions

ELGIN - Middleby Corp. reported net earnings for the second quarter of 2023. Net sales increased 2.6% in the second quarter over the comparative prior year period.

Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 2.3% in the second quarter over the comparative prior year period.

Gross profit in the quarter was $3.9 million as compared to $3.6 million in the same quarter of fiscal year 2022. Net sales were $1.04 billion compared to $1.01 billion in the same period a year ago.

Middleby develops and manufactures a broad line of equipment used in commercial food service and the food processing industry, as well as residential kitchens.

"We continue to see strong underlying demand and a robust pipeline of new opportunities with our Commercial Foodservice and Food Processing customers adopting our latest innovations," said Middleby CEO Tim FitzGerald. "Early signs of improvement in certain Residential categories are emerging as market conditions begin to stabilize and we are well-positioned for growth with the many exciting new products across our brand portfolio as the market returns."