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MIDD: Middleby Earnings Not Middling

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By Douglas A. McIntyre Published
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By William Trent, CFA of Stock Markte Beat

Small Cap Watch List and Mid Cap Watch List member Middleby Corporation (MIDD) Reports Record Fourth Quarter Results: Financial News – Yahoo! Finance:

Middleby Corporation (NASDAQ:MIDD – News), a leading worldwide manufacturer of restaurant and foodservice cooking equipment, today reported record net sales and earnings for the fourth quarter ended December 30, 2006. Net earnings for the fourth quarter were $11,059,000 or $1.34 per share on net sales of $98,294,000 as compared to the prior year fourth quarter net earnings of $7,233,000 or $0.88 per share on net sales of $76,930,000. Net earnings for the fiscal year ended December 30, 2006 were $42,377,000 or $5.13 per share on net sales of $403,131,000 as compared to net earnings of $32,178,000 or $3.98 per share on net sales of $316,668,000 in the prior year.

We didn’t notice anything too concerning in the financial statements, and the stock is up sharply on the news. The company, which makes commercial cooking equipment used in restaurants, has made several acquisitions over the last couple of years, and these are helping to drive solid growth, and while the multiple is high it does not appear excessive given this growth.

http://www.stockmarketbeat.com/

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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