Middleby Tops Estimates, Shares Hit New High (MIDD)

The Middleby Corporation MIDD, a leading manufacturer of restaurant and foodservice cooking equipment, reported earnings this morning that easily topped analyst expectations, sending shares soaring. The company earned $1.13 per share on revenues of $177.8 million in the third quarter. Analysts were expecting earnings of $0.99 per share on revenues of $176.3 million. During the quarter the company reduced its debt by over $5 million and repurchased $5.7 million of its stock. Shares are higher by $4.44, or 6.03%, to $78.03 in morning trading. Shares earlier touched a new 52-week high of $78.76 before pulling back.