Stock Alert: Middleby Rises On Upbeat Earnings

(RTTNews) - Shares of cooking and industrial processing equipment maker The Middleby Corporation (MIDD) are climbing more than 8% Wednesday morning after the company reported earnings and revenue that beat estimates.

Net earnings for the fourth quarter were $109.0 million or $1.96 per share compared with $94.8 million or $1.70 per share in the comparable quarter last year. Excluding items, adjusted EPS of $2.00 beat average estimates of analysts polled by Thomson Reuters at $1.71.

Net sales increased to $787.6 million from $756.7 million last year. The consensus estimate was at $759.26 million.

Timothy FitzGerald, Chief Executive Officer, commented,"....In the Commercial Foodservice Segment lower spending at our restaurant chain customers from reduced domestic location openings proved to be a continuing headwind. The impact of the coronavirus will bring an added uncertainty impacting the first half of 2020."

MIDD is currently trading at $115.94. It has traded in the range of $105.32- $142.98 in the past one year.