Earnings Preview for Middleby (MIDD)

Middleby MIDD will be reporting its first-quarter 2011 results tomorrow, May 11, after the market closes. Analysts are looking for the company to post earnings of $0.97 per share on revenue of $190.7 million. That is up from $0.74 per share on $160.7 million in the same period of last year. The consensus earnings estimate is unchanged from 30 days ago. Middleby designs, manufactures, and sells commercial foodservice and food processing equipment for restaurants, retailers and hotels worldwide. Its Commercial Foodservice Equipment group makes ovens, ranges, fryers, toasters, catering equipment and beverage dispensers. Its Food Processing Equipment group makes packaging and food safety equipment, conveyor cooking systems and mixing and slicing equipment. The International Distribution group provides export and installation services worldwide. In April Middleby acquired Beech Ovens, an Australian maker of stone hearth ovens. So far, analysts anticipate sequential and year-over-year growth of both per-share earnings and revenue in the second quarter. Note that analysts have underestimated Middleby's earnings in most recent quarters; earnings beat the consensus estimate by 11.6% in the fourth quarter. Analysts have on average recommended buying MIDD for more than 90 days. Their mean price target is currently $98.20 per share. Shares have pulled back from a recent 52-week high of $96.25 to around $90. The stock is up about 7% year to date, but up more than 50% from a year ago.