Strong sales boosts Middleby Corp. 4Q's earnings up 40 percent

 
Business Wire
Updated 3/1/2017 9:59 AM

ELGIN -- Strong international sales helped boost The Middleby Corp.'s fourth quarter 2016 net earning by almost 40 percent.

The maker of kitchen equipment for the food service industry reported net earnings of $80,9 million for the quarter, compared to $50.3 million for the same period of 2015. Net sales for the quarter were $596.8 million, up from $534 million for he 2015 quarter.

 

"We realized continued strong sales growth in the fourth quarter and throughout the year at the Food Processing Equipment Group," said Middleby Chairman and Chief Executive Officer Selim A. Bassoul. "We continue to see development of new food processing facilities in emerging markets. We have invested heavily in the operations of our industrial bakery brands both in new product development and in production efficiency.

"We are now well positioned to see sales growth and profitability over the next three years." Bassoul added.

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