Middleby Corp. (MIDD) reported on Wednesday that its second-quarter net earnings rose to $31.05 million or $1.67 per share from $19.63 million or $1.06 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.41 per share for the quarter. Analysts' estimates typically exclude special items.
Gross profit in the second quarter increased to $101.8 million from $85.3 million and the gross margin rate decreased from 40.5% to 39.2%. The decline in the gross margin rate reflects a higher mix of sales from the Food Processing Equipment Group with lower gross margins, due in part to recent acquisitions.
Net sales for the quarter were $260.04 million, up from $210.86 million last year. Five analysts had consensus revenue estimate of $250.06 million for the quarter.
The company said that on Tuesday it entered into a new five-year $1.0 billion multi-currency senior revolving credit agreement, with the potential under certain circumstances to increase to $1.350 billion. This facility replaces the company's pre-existing $600 million senior revolving credit facility, which had an original maturity of December 2012. The new facility bears an interest rate of LIBOR plus a margin of 1.5%, which is adjusted quarterly based upon the company's leverage ratio.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.