The Middleby Corporation (MIDD): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report

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Middleby reported earnings of $1.05 per share for third-quarter 2014, up roughly 43.8% from the year-ago quarter and surpassing the Zacks Consensus Estimate of $0.86. Revenues grew 12.3% year over year to $404.3 million but missed the Zacks Consensus Estimate of $409.0 million. Middleby is trying to improve its business through sustainable measures and inorganic growth strategies. However, the company's trade is subjected to currency and exchange rate fluctuations, as well as input price volatilities. Furthermore, the company's margins in the upcoming quarters might be adversely affected by the new long-term investment programs. Based on these factors, we prefer to maintain our Neutral recommendation on the stock.


Elgin, IL-based The Middleby Corporation (MIDD) provides cooking, warming, food preparation and packaging equipment to commercial, industrial processing and residential markets. Formerly known as Oven Company, it was acquired by TMC Industries Ltd. in 1983. Post the acquisition, the company's name was changed to Middleby Corporation in 1985. The company operates in three main segments.

Commercial Foodservice Equipment Group: This segment manufactures cooking equipment for restaurants and institutional kitchens. The products include conveyor ovens, proofing ovens, speed cooking ovens and induction cooking equipment. The equipment in this segment are sold under brands like Combi , Lang , MPC , PrefectFry , CookTek , Southbend and Wells .

Food Processing Equipment Group: This segment manufactures equipment for the food processing industry. It offers a variety of products including batch ovens, processing ovens, defrosting and packaging equipment among others. The products are sold under various brands such as Auto-Bake , Alkar , Cozzini and RapidPak .

Residential Kitchen Equipment Group: This segment manufactures equipment for the residential market, recording the revenues for Viking and Brigade. It offers ovens, dishwashers, cooktops, microwaves and other outdoor equipment.

This segment was formed after the company acquired Viking range in December last year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Stocks

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