Machinery company The Middleby Corporation MIDD impressed its investors with better-than-expected results for first-quarter 2016. The company’s earnings of 96 cents per share surpassed the Zacks Consensus Estimate of 84 cents by 14.3%. Also, the bottom line surged 43.3% from the year-ago tally of 67 cents.The Middleby Corporation - Earnings Surprise | FindTheBestIn terms of Middleby’s top-line performance, net sales increased 27% year over year to $516.4 million. The year-over-year improvement was driven by organic sales growth of 2.3% and acquisition gains of 26.2%, partially offset by 1.6% negative impact from foreign currency translation. Moreover, the top line beat the Zacks Consensus Estimate of $515 million. Segmental DetailsMiddleby reports its net sales under three heads/segments. The segmental results are briefly discussed below:Revenues from the Commercial Foodservice Equipment Group totaled $279 million, up 6.4% year over year. On a constant currency basis, the segment’s sales improved 7.5% year over year.Revenues from the Food Processing Equipment Group grew 12.6% year over year to $78.6 million. On a constant currency basis, the segment’s sales increased 5.9% year over year.Revenues from the Residential Kitchen Equipment Group totaled $158.7 million, up 112.7% year over year. On a constant currency basis, the segment’s sales improved 19.2% year over year.MarginsIn the quarter, Middleby’s cost of sales increased 28.3% year over year, representing 61.9% of net sales compared with 61.2% in the year-ago quarter. Gross margin inched down 70 basis points (bps) year over year to 38.1%. Selling and distribution expenses, as a percentage of revenues, were 10.4%. General and administrative expenses were 10.9%.Operating income increased 29.7% year over year, while the operating margin was at 16.7%. Balance SheetExiting first-quarter 2016, Middleby had cash and cash equivalents of $55.7 million, slightly above $55.5 million in the preceding quarter. Long-term debt decreased 3.8% sequentially to $706.1 million.With a market capitalization of $6.3 billion, The Middleby Corporation currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the machinery industry include Gorman-Rupp Co. GRC, Luxfer Holdings PLC LXFR and Altra Industrial Motion Corp. AIMC. While both Gorman-Rupp and Luxfer Holdings sport a Zacks Rank #1 (Strong Buy), Altra Industrial Motion holds a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MIDDLEBY CORP (MIDD): Free Stock Analysis Report ALTRA INDUS MOT (AIMC): Free Stock Analysis Report GORMAN RUPP CO (GRC): Free Stock Analysis Report LUXFER HOLDINGS (LXFR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research