Middleby Corp. (MIDD: Quote) 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.
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by RTT Staff Writer
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