Middleby Q4 Net Income Rises; To Separate Food Processing Business

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(RTTNews) - The Middleby Corporation (MIDD) reported that its fourth quarter net income increased to $112.3 million from $76.3 million, last year. Earnings per share was $2.07 compared to $1.42. Adjusted net earnings increased to $155.3 million or $2.88 per share from $142.8 million or $2.65 per share. Analysts on average expected the company to report profit per share of $2.52, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter net sales were $1.01 billion, up 0.5% from a year ago. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 1.3% in the fourth quarter. Analysts on average had estimated $996.69 million in revenue.

Separately, The Middleby Corporation announced its Board has unanimously approved a plan to separate food processing business into a standalone public company. This separation creates: The Middleby Corporation and Middleby Food Processing. Middleby plans to execute the separation through a tax-free spin-off, which is expected to be completed by early 2026.

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