Why Middleby Shares Fell 18% Last Month
Shares of Middleby (NASDAQ: MIDD) fell 18.4% in August 2019, according to data from S&P Global Market Intelligence. The maker of commercial ovens and other food-preparation equipment posted its second-quarter results on Aug. 7, and the business update failed to impress Middleby's investors. The stock closed 9.9% lower that day alone.
Middleby's second-quarter earnings rose 13% year over year, landing at $1.70 per diluted share. Revenues increased by 7% to $761 million. However, your average Wall Street analyst had been looking for earnings closer to $1.76 per share on sales near $767 million.
Image source: Turbochef, a Middleby company.
Source Fool.com
