Middleby's sales dip as restaurants struggle during COVID

ELGIN - Middleby Corp. reported fourth-quarter sales and earnings results Monday. Net earnings for the quarter were $51.8 million, or $0.94 diluted earnings per share on net sales of $729.3 million.

Net sales decreased 7.4% in the fourth quarter over the same quarter in 2019. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 9.3% in the fourth quarter over the comparative prior year period, reflecting the impact of COVID-19, the company said.

Adjusted net earnings were $89 million or $1.62 adjusted diluted earnings per share.

Elgin-based Middleby is a global manufacturer of equipment for the commercial food service, food processing and residential kitchen industries.

"While 2020 was a challenging year for our industry and customers, we have been proactive during this time of uncertainty. Our actions in 2020 have positioned Middleby to lead emerging trends and realize growth across all our platforms," said Tim FitzGerald, Middleby CEO.

Orders have consistently improved for commercial food service equipment since the initial impact of COVID-19, he said. "Restaurants continue to gain experience and proficiency as they perfect their procedures for delivery, carry out, drive-through and curbside pickup."