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The Middleby Corporation Reports Second Quarter Results | Business Wire

ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing and residential kitchen industries, today reported net sales and earnings for the second quarter ended July 1, 2017. Net earnings for the second quarter were $77,569,000 or $1.35 per share on net sales of $579,343,000 as compared to the prior year second quarter net earnings of $72,891,000 or $1.28 per share on net sales of $580,456,000.

2017 Second Quarter Financial Highlights

Net sales decreased 0.2% compared to the prior year second quarter. Sales related to recent acquisitions added $29.2 million or 5.0%, in the second quarter. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars reduced net sales by approximately $10.7 million, or 1.8%, during the second quarter. Excluding the impact of foreign exchange and acquisitions, sales decreased 3.4% during the second quarter. Net sales at the company’s Commercial Foodservice Equipment Group...
Global Effects of Currency Wars on Currency Exchange Rates

Some countries intentionally lower their currency exchange rates to boost exports and stimulate domestic economy.