Associated Press | Shares of Middleby Corp., which makes cooking equipment for restaurants, rose
Thursday after the company reported fourth-quarter earnings that exceeded
analysts’ expectations.

Middleby, based in Elgin,
said it saw “initial signs of recovery” in its food processing segment and
anticipates stabilization in the foodservice industry. It also said it
eliminated $20 million of debt during the quarter.

The company reported late
Wednesday net income of $17.9 million, or 95 cents a share, up 3.2 percent from
$17.3 million a year earlier. Per-share income declined 8.7 percent from $1.04
as weighted average shares increased 12 percent from a year earlier.

Sales advanced slightly to $152.5
million from $151 million.

Analysts expected earnings of 85
cents a share on revenue of $152 million, according to a Thomson Reuters survey.
Analysts’ estimates often don’t include one-time items.

The shares added $5.54, or 11
percent, to close at $54.24 Thursday.

Peter Lisnic, an analyst with
Robert W. Baird & Co., kept his “Outperform” rating and $55 price target on
the company.

“Risk/reward for the shares
appears attractive considering history of execution, above-average earnings
growth and return profile, and strong free cash flow,” he said in a report.

For the year, Middleby posted net
income of $61.2 million, or $3.29 a share, down 4.3 percent from $63.9 million,
or $3.75 a share, in 2008. Sales fell 8.1 percent to $646.6 million from $651.9
million.