Middleby Corporation (MIDD) has reported a 60.95 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $80.94 million, or $1.41 a share in the quarter, compared with $50.29 million, or $0.88 a share for the same period last year.

Revenue during the quarter grew 11.62 percent to $596.82 million from $534.71 million in the previous year period. Gross margin for the quarter expanded 288 basis points over the previous year period to 40.08 percent. Total expenses were 78.80 percent of quarterly revenues, down from 86.42 percent for the same period last year. This has led to an improvement of 761 basis points in operating margin to 21.20 percent.

Operating income for the quarter was $126.50 million, compared with $72.63 million in the previous year period.

elim A. Bassoul chairman and chief executive officer, commented, "At the Commercial Foodservice Equipment Group, we continued to realize strong sales growth in the international markets with restaurant customers expanding in emerging markets and existing customers upgrading to more advanced equipment solutions. Domestically, sales improved from the third quarter but were still impacted by slower purchases from several restaurant chains in comparison to the prior year. We continue to see positive momentum at our Commercial Foodservice segment as we move into 2017 with growth from new products and strong development activity with our restaurant chain customers adopting our innovative equipment solutions."

Debt comes down marginally 

Middleby Corporation has recorded a decline in total debt over the last one year. It stood at $732.13 million as on Dec. 31, 2016, down 4.43 percent or $33.94 million from $766.06 million on Jan. 02, 2016. Total debt was 25.10 percent of total assets as on Dec. 31, 2016, compared with 27.74 percent on Jan. 02, 2016. Debt to equity ratio was at 0.58 as on Dec. 31, 2016, down from 0.66 as on Jan. 02, 2016.