The Middleby Corporation's (MIDD) CEO Selim Bassoul on Q2 2016 Results - Earnings Call Transcript

Aug. 11, 2016 11:50 PM ETThe Middleby Corporation (MIDD)
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The Middleby Corporation (NASDAQ:MIDD) Q2 2016 Earnings Conference Call August 11, 2016 11:00 AM ET


Selim Bassoul - Chairman and CEO

Tim Fitzgerald - CFO


Josh Chan - Baird

Tony Brenner - Roth Capital Partners

George Godfrey - CL King

Joel Tiss - BMO Capital Markets


Good morning and welcome to The Middleby Second Quarter Conference Call. Joining us today from management are Selim Bassoul, Chairman and Chief Executive Officer and Tim Fitzgerald, Chief Financial Officer. We will begin with opening comments from management and open the call for Q&A. [Operator Instructions]

Now, I would like to turn the call over to Mr. FitzGerald for opening remarks. Please go ahead, sir.

Tim Fitzgerald

Good morning and thank you for attending today's conference call. I will have some initial comments about the company's 2016 second quarter and then we'll be opening up the call for questions and answers.

Net sales in the 2016 second quarter of $580.5 million increased 33.1% from $436.3 million in the second quarter of 2015. Second quarter sales include the impact of acquisitions not fully reflected in the prior year comparative results, which accounted for $127.1 million or 29.1% of the sales growth in the quarter. Sales in the quarter continued to be affected by foreign exchange variation in comparison to the prior year.

This fluctuation resulted in lower reported international sales when converted into US dollars, and this impact amounted to $4.9 million or 1.1% in lesser reported sales growth. Excluding the impact of acquisitions and foreign exchange, sales increased by 5.1% as compared to the prior year quarter. This increase reflects organic sales growth of 6.9% at our Commercial Foodservice Group, an increase of 16.3% at our Food Processing Group and a decline of 12.2% at our Residential Kitchen Equipment segment.


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