Middleby sales grow as pandemic precautions ease

ELGIN - Middleby Corp. Thursday reported net earnings of $89.3 million in the first quarter, or $1.59 diluted earnings per share, on net sales of $758.1 million. Adjusted net earnings were $98.7 million, or $1.79 adjusted diluted earnings per share, the company said.

Net sales increased 11.9% in the first quarter over the comparative prior year period. Excluding the impacts of acquisitions, a disposition and foreign exchange rates, sales increased 8.4% in the first quarter over the comparative prior year period, reflecting improvements in market conditions and consumer demand since the initial impact of COVID-19.

"We continue to proactively manage ongoing challenges due to COVID, particularly with supply chain disruption and rising costs, to minimize customer impact. Employee safety remains our top priority and we have kept the precautions at our facilities in place to best protect our workforce," said Middleby CEO Tim FitzGerald.

In its commercial food service business, orders continue to improve as our customers benefit from the pent-up demand for indoor dining as operators reopen their restaurants, the company said.

Middleby makes equipment for the food service industry.