Middleby sales up 31% in quarter
ELGIN -- Middleby Corp. Tuesday reported net earnings for its 2022 fiscal year first quarter of $85.8 million, or $1.52 diluted earnings per share, on net sales of $994.7 million. Adjusted net earnings were $116.3 million, or $2.13 adjusted diluted earnings per share, the company said.
Middleby is a leading worldwide manufacturer of equipment for the commercial food service, food processing and residential kitchen industries.
Net sales increased 31.2% in the first quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales increased 11.7% 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, Middleby said.
"We started 2022 with another record for quarterly sales and earnings. And, our profitability remained strong, despite continuing inflationary pressures and increasing supply chain challenges," said Tim FitzGerald, CEO.