The Middleby Corp., parent company of Viking Range, posted sales and earnings gains Wednesday for the fourth quarter and the fiscal year.
The company said sales increased 19.6 percent in the fourth quarter and 16.6 percent for the year over comparative periods in 2017, but that most of that gain was the result of acquisitions. Without acquisitions, adjustments due to foreign exchange rates, and the adoption of new accounting rules, Middleby showed sales gains of 3.3 percent for the quarter and only 0.5 percent for the year.
Greenwood-based Viking led the way in the company’s Residential Kitchen Equipment Group, posting gains of 15 percent for the quarter and the year.
Timothy FitzGerald, Middleby’s newly promoted chief executive officer, said of Viking, “The momentum remains strong for our innovative, new lineup of Viking products. Most recent new product launches include expanded offerings in refrigeration and the introduction of our new Virtuoso cooking line.”
He said Middleby had completed a transition with third-party distributors, positioning the company for growth in North America in 2019.
FitzGerald also said, “Investments we previously made in our company-owned Middleby Residential sales, distribution and service organizations have given us a competitive advantage and a vehicle to support all of the brands with our dealer partners and end-user customers.”
Overall, Middleby posted fourth-quarter net earnings of $94.8 million or $1.70 undiluted earnings per share on net sales of $756.7 million. That compares with 2017 fourth-quarter net earnings of $75.2 million or $1.35 diluted earnings per share on net sales of $632.9 million.
For the year, Middleby reported net earnings of $317.2 million or $5.70 diluted earnings per share on net sales of $2.72 billion. That compares with 2017 net earnings of $298.1 million or $5.26 diluted earnings per share on net sales of $2.34 billion.
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