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US restaurant chains snap up Middleby product innovations for their kitchens

Middleby

The Middleby Corporation has reported net earnings of $69m on sales of $686.8m for the first quarter as more US restaurant chain customers bought its latest innovations.

Net sales increased 17% in Q1 over the comparative prior year period, largely as a result of acquisition.

The impact of foreign exchange rates on foreign sales translated into US dollars decreased net sales by approximately 2.1% during the first quarter.

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Excluding the impacts of acquisitions, closure of a non-core business and foreign exchange rates, sales increased 2.9% in the first quarter.

Timothy FitzGerald, CEO of Middleby, commented: “At the Commercial Foodservice Equipment Group, we reported growth both domestically and internationally.

“In the US, we continued to benefit from sales momentum with our restaurant chain customers, as they adopt our latest product innovation. International growth reflects improved market conditions in Latin America and Asia, although we continue to face challenging conditions in Europe and UK with uncertainty from the impact of Brexit.

“We continue to work closely with our customers on solutions to address current operator challenges of labor cost and availability, space constraints and rising operating costs, while providing flexibility for menu updates.

“In particular, we continue to see demand in the areas of beverage, ventless cooking and automated conveyor equipment. Our focus remains on positioning Middleby for long-term growth through strategic investments in technology and our global manufacturing, sales and support capabilities.”

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Andrew Seymour

The author Andrew Seymour

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