Why Middleby Rose 10% in November
After a disappointing year, stock in commercial cooking and processing equipment company The Middleby Corporation (NASDAQ: MIDD) rose 10% in November. The reason? On the third-quarter results presentation on Nov. 7, CEO Selim Bassoul served notice that the company's revenue outlook was improving, providing for "continued margin expansion for Middleby as we enter into 2018."
Actor Gerard Depardieu and his AGA cooker -- a Middleby Brand. Image source: The Middleby Corporation
Bassoul's commentary is pretty much what investors wanted to hear as revenue growth in the first nine months of 2017 has been lackluster. Net sales are up just 1.9% in the first nine months compared to the same period last year. However, Middleby has long been a highly acquisitive company so it's a good idea to back out acquisitions and foreign exchange from its sales growth figures.
Source: Fool.com
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