Middleby sees a 71% spike in sales

ELGIN - The Middleby Corp. Thursday reported net earnings for the 2021 second quarter of $120.6 million, or $2.13 diluted earnings per share, on net sales of $808.8 million.

Net sales increased 71.4% in the second quarter over the same period last year. Excluding the impacts of acquisitions, a disposition and foreign exchange rates, sales increased 64.8% in the second quarter over the comparative prior year period, reflecting improvements in market conditions and consumer demand since the initial impact of COVID-19.

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

"Our strong second quarter results reflect the ongoing recovery in our food service businesses with measurable progress toward our long-term growth initiatives and realized profitability improvements at all three of our business segments," said Tim FitzGerald, CEO of Middleby Corp.

However, COVID-related challenges continue to impact the company, he said.

"In the near-term we are impacted by increasing supply chain disruptions that may adversely impact shipments, service levels and production. We are also experiencing record material cost increases," FitzGerald said.