Middleby Corp., which sells foodservice and food processing equipment, said late Wednesday its fourth-quarter profit jumped 38 percent to beat analyst estimates, helped by recent acquisitions and higher sales.
For the quarter ended Dec. 29, net income rose to $15.3 million, or 89 cents per share, from $11.1 million, or 67 cents per share, in the same quarter of 2006.
Analysts polled by Thomson Financial expected earnings of 81 cents per share.
Revenue jumped 48 percent to $145.5 million from $98.3 million in the fourth quarter of 2006. Analysts predicted revenue of $133.3 million.
The company said the revenue increase was partly due to four recent acquisitions _ range maker Jade Range, foodservice equipment company Carter-Hoffmann, food processing company MP Equipment and Wells Bloomfield, which makes cooking and warming equipment.
Middleby said commercial foodservice equipment sales rose in the quarter due to new products and strong sales from U.S. restaurant chains. International sales rose as well.
For the full year, profit climbed 24 percent to $52.6 million, or $3.11 per share, from $42.4 million, or $2.57 per share, in the prior year.
Revenue rose 24 percent to $500.5 million from $403.1 million in 2006.
In premarket trading Thursday, shares advanced $4.50, or 7 percent, to $68.50. They finished Wednesday's trading at $64. The stock has traded in a 52-week range of $49.38 to $78.94.
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