Middleby’s (MIDD) third quarter earnings release was very similar to their second quarter. Organic growth was down significantly, but the company continues to maintain strong profits. In their third quarter, net earnings were $15.5 million, or $0.83 per share as compared to $16.3 million or $0.96 per share for the third quarter of 2008. (more…)
It looks like the economy finally caught up with Middleby (NASD: MIDD) in the second quarter. After their first quarter, it looked as if they could defy the gravity of the economy. In the second quarter, however, sales declined 8.6% and earnings fell from $0.99 per share a year ago to $0.74 per share in the current quarter. This sounds bad, but the sales numbers are actually worse. (more…)
As I mentioned in a previous article, Middleby reported impressive fourth quarter results. Earnings per share increased 32.8% to $0.89 in the fourth quarter of 2007 as compared to $0.67 in the fourth quarter of 2006. For the full year, earnings per share increased 21.0% to $3.11 in 2007 from $2.57 in 2006. Net sales rose 48.1% in the 2007 fourth quarter and 24.1% for the full year. The net sales increase reflects the impact of several acquisitions that were made during the year. Excluding the impact of acquisitions, sales organically grew 11.9% in the 2007 fourth quarter and 5.7% for the full year. (more…)
Middleby just reported their fourth quarter 2007 results. Net sales grew 24.1% for the full year, and earnings per share grew 21.0% year over year. In my previous valuation, I had assumed 15% earnings growth, which yielded an intrinsic value of $94 per share. Based on these results, I look forward to seeing what shares are worth now. Apparently the future is still bright for Middleby.
Disclosure: Long Middleby
Every time I see that a regional restaurant is going national, I think of Middleby (NASD: MIDD). They sell commercial cooking equipment to fast food restaurants, casual dining restaurants, and other commercial users. They are one of the most well-managed companies that I have seen. (more…)
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