Why Middleby Stock Is Cooking With Gas Today
Shares of food service, food processing, and home kitchen equipment maker Middleby (NASDAQ: MIDD) rose as much as 12.6% on Monday, powered by a strong fourth-quarter earnings report.
The company behind brands such as TurboChef, Viking, and Bakers Pride saw net sales fall 7% to $729 million. Adjusted earnings declined from $1.96 to $1.62 per diluted share. Your average analyst had expected far deeper drops with earnings of roughly $1.41 per share on top-line sales near $695 million. Middleby's order backlog stood at a record $523 million by the end of the fiscal year, up from $308 million one year earlier.
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Source Fool.com
