Middleby Earns 55 Cents per Share

The big jobs report is due out on Friday, but we got a preview today with the ADP payroll report. According to ADP, private payrolls rose by 167,000 last month. That was well below economists’ expectation for one million. On the bright side, the number for June was revised higher from 2.4 million to 4.3 million.

Middleby (MIDD) said that its adjusted earnings were 55 cents per share last quarter. That was well above estimates for 41 cents per share. Net sales fell 38%.

CEO Tim Fitzgerald said, “Our solid financial performance was a result of successfully reducing our cost structure and maintaining strong levels of profitability across all three of our business segments, despite revenue decreases.”

The stock has been up as much as 10% this morning. Earnings from Fiserv and Ansys are due out after the close.

Posted by on August 5th, 2020 at 9:56 am


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