Middleby Beats The Street (MIDD)

The Middleby Corporation MIDD, a leading manufacturer of restaurant and foodservice cooking equipment, reported second quarter income and revenue last night that easily topped Wall Street expectations. Middleby earned $0.96 per share during the second quarter, $0.08 ahead of the $0.88 consensus estimate. Revenues rose 9.3% year-over-year to $173.4 million versus the $171.3 million consensus. Chairman and CEO Selim Bassoul said, "In the second quarter we began to realize an increase in sales and order activity. The company reduced its debt load by $20 million during the quarter to $249 million. Shares of Middleby are higher by 79 cents, or 1.42%, to $56.31.