Press release
The Middleby Corporation Reports Fourth Quarter and Full Year Results
ELGIN, Ill.--(BUSINESS WIRE)-- The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food
About this update from The Middleby Corporation
[{"type":"text","content":" ELGIN, Ill.--(BUSINESS WIRE)--\nThe Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the fourth quarter and full fiscal year ended December 28, 2019. Net earnings for the fourth quarter were $109.0 million or $1.96 diluted earnings per share on net sales of $787.6 million as compared to the prior year fourth quarter net earnings of $94.8 million or $1.70 diluted earnings per share on net sales of $756.7 million. Net earnings in the current and prior year fourth quarters were negatively impacted by restructuring expenses and in 2019 by associated facility consolidation related expenses. Excluding these items, as well as other non-cash items, and a gain on a litigation settlement in the current year, adjusted net earnings per share were $2.00 and $1.87 in the 2019 and 2018 fourth quarter periods. A full reconciliation between GAAP and adjusted non-GAAP measures is provided at the end of the press release.\n\n\nNet earnings for the fiscal year ended December 28, 2019 were $352.2 million or $6.33 diluted earnings per share on net sales of $2,959.4 million as compared to the prior year net earnings of $317.2 million or $5.70 diluted earnings per share on net sales of $2,722.9 million. Net earnings in the current and prior year were negatively impacted by restructuring expenses and associated facility consolidation related expenses. Excluding these items, in addition to other non-cash items, a gain on a litigation settlement in the current year and the transition costs associated with the retirement of the former Chairman and CEO in the current year, adjusted net earnings per share were $7.02 and $6.35 in 2019 and 2018.\n\n\n2019 Fourth Quarter and Full Year Financial Highlights\n\n\n\nNet sales increased 4.1% in the fourth quarter and 8.7% for the full fiscal year of 2019 over the comparative prior year periods. Sales related to recent acquisitions added 5.1% in the fourth quarter and 10.2% for the year. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars decreased net sales by approximately 0.5% during the fourth quarter and decreased net sales by 1.3% during the full fiscal year. Excluding the impacts of acquisitions, closure of a non-core bu...