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Middleby Corp. reports first-quarter results

Middleby Corp. reports first-quarter results

Financial Member Company News

ELGIN — The Middleby Corp. reported net earnings for the first quarter of 2023, including net sales of $1.0 billion, as compared to $99 million in the same quarter a year ago.

Gross profit in the quarter was $378 million, an increase over $330 million in the year-ago period.

Diluted earnings per share for the quarter was $1.82 and adjusted net earnings per share was $2.19, an increase of 3% year over year, the company said.

During the quarter, the company completed the acquisition of Flavor Burst, expanding Middleby’s beverage platform.

“We are excited to have completed the acquisitions of Flavor Burst and Blue Sparq to begin the year. Flavor Burst is a terrific complement to our soft-serve and slush beverage systems, providing our food service customers with an expanded menu of flavorful offerings to enhance their customers’ experience,” said CEO Tim FitzGerald.

The company also repurchased 348,980 Middleby shares in the open market during the first quarter for $48.3 million.

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

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