Machinery behemoth The Middleby Corporation MIDDreported weaker-than-expected results for first-quarter 2018.
Earnings and Revenues
Quarterly adjusted earnings came in at $1.18 per share, beating the Zacks Consensus Estimate of $1.39. However, the bottom line came in lower than the year-ago tally of $1.
Net sales in the quarter came in at $584.8 million, surpassing the Zacks Consensus Estimate of $603 million. In addition, the figure improved 10.3% year over year, driven by acquisition benefits, the Accounting Standards Codification 606 adoption, and favorable foreign currency-translation impact.
Segmental Break-Up
Net sales of the Commercial Foodservice Equipment Group were up 15.3% year over year to $359.9 million. Also, the Food Processing Equipment Group’s revenues climbed 14.6% year over year to $88.6 million in the quarter.
However, the Residential Kitchen Equipment Group revenues dipped 3.2% to $136.3 million in the reported quarter.