Middleby (MIDD) reported fiscal Q1 adjusted earnings Wednesday of $2.08 per diluted share, up from $1.89 a year earlier.

Analysts polled by FactSet expected $1.98.

Net sales for the fiscal quarter ended March 29 were $906.6 million, down from $926.9 million a year earlier.

Analysts surveyed by FactSet expected $939.7 million.

The company said its board increased share repurchase authorization by 7.5 million shares, bringing the total available for buyback to 11.4 million shares, or 21% of the company's outstanding equity.

Middleby also said initial tariff impact is expected to raise its costs by about $150 million to $200 million annually, although this is expected to be offset through ongoing operating initiatives and pricing actions.

Shares of the foodservice equipment company were down more than 4% in recent premarket activity.