Group 1: Acquisition Details - The Middleby Corporation has completed the acquisition of Gorreri Food Processing Technology, with financial terms undisclosed [1] - Gorreri, based in Italy, specializes in equipment for the baked goods industry and generates approximately $20 million in annual revenue [2] - The acquisition is expected to enhance Middleby's position in the food processing market by adding advanced baked goods solutions and innovative manufacturing processes [3] Group 2: Strategic Alignment - This acquisition aligns with Middleby's strategy of expanding market share, product offerings, and customer base through acquisitions [4] - Previous acquisitions include Emery Thompson in September 2024, which enhanced frozen dessert offerings, and GBT GmbH Bakery Technology in February 2024, strengthening its European presence in large-scale baking [4] Group 3: Market Performance and Challenges - Middleby's shares fell by 3.3% to close at $142.18, with a market capitalization of $7.6 billion [2][5] - The company faces challenges in the Residential Kitchen Equipment Group due to lower demand linked to a weak housing market and in the Commercial Foodservice Equipment Group due to declining restaurant traffic and rising costs [6] - Over the past three months, Middleby's shares have increased by 2.1%, compared to the industry's growth of 13.4% [7]

The Middleby Corporation (MIDD) reported third-quarter 2024 adjusted earnings of $2.33 per share, which missed the Zacks Consensus Estimate of $2.47. The bottom line decreased 1.7% year over year due to lower sales.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Net sales of $942.8 million missed the consensus estimate of $997 million. The top line declined 3.9% year over year. Organic sales decreased 4.1%. Acquired assets boosted sales by 0.2%, while movements in foreign currencies ...

For the quarter ended September 2024, Middleby (MIDD) reported revenue of $942.81 million, down 3.9% over the same period last year. EPS came in at $2.33, compared to $2.35 in the year-ago quarter.The reported revenue represents a surprise of -5.47% over the Zacks Consensus Estimate of $997.34 million. With the consensus EPS estimate being $2.47, the EPS surprise was -5.67%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

Middleby (MIDD) came out with quarterly earnings of $2.33 per share, missing the Zacks Consensus Estimate of $2.47 per share. This compares to earnings of $2.35 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.67%. A quarter ago, it was expected that this food preparation equipment company would post earnings of $2.27 per share when it actually produced earnings of $2.39, delivering a surprise of 5.29%.Over the last four qua ...

1400 Toastmaster Drive, Elgin, Illinois 60120 (847) 741-3300 www.middleby.com The Middleby Corporation Reports Third Quarter Results • Net sales of $943 million • Diluted earnings per share of $2.11 and adjusted net earnings per share of $2.33 • Operating income of $173 million and 18.4% of net sales • Adjusted EBITDA of $213 million and organic adjusted EBITDA margin of 22.6% • Operating cash flows of $157 million • Net leverage reduced to 2.2x • Completed the acquisition of Emery Thompson Elgin, Ill, Octo ...

The Middleby Corporation (MIDD) is poised to gain from its focus on launching new products and upgrading the existing ones per the industry trend. As for innovation, over the past year, the company introduced several products including MP Equipment, Blodgett ImVection, the Evo EVent Open Canopy Hood, PIZZABOT, TorQ, Discrete CFV, etc. Middleby is gaining market share in new and large product categories, including beverage and ice. It remains positioned to benefit from strong demand for ventless cooking prod ...

The Middleby Corporation (MIDD) is poised to benefit from its focus on launching new products and upgrading existing ones per the industry trend. As for innovation, over the past year, the company introduced several products including MP Equipment, Blodgett ImVection, PIZZABOT and others. It is also gaining market share in new and large product categories, including beverage and ice. The company remains focused on acquiring businesses to gain new customers and access new regions and product lines. In Februa ...

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Core Viewpoint - The Middleby Corporation (MIDD) has been upgraded to a hold rating due to improved 2Q24 results and macroeconomic developments, although it is still too early to confirm strong growth acceleration in the Commercial Foodservice (CF) segment [2][3]. Financial Performance - MIDD reported total sales of $992 million in 2Q24, with contributions from CF at approximately $619 million, Residential Kitchen (RK) at $193 million, and Food Processing (FP) at $180 million [3]. - The CF segment experienced a reported decline of 4%, while RK and FP saw declines of 6.2% and 5%, respectively [3]. - Adjusted EBITDA margin decreased to 21.8%, down 22% year-over-year, but the CF EBITDA margin improved by 30 basis points [3]. - Adjusted EPS fell from $2.48 to $2.39, reflecting a decline of approximately 4% [3]. Market Dynamics - Recent CPI data indicates inflation is decreasing, now below 3%, which may lead to lower interest rates and improved demand for MIDD's products [3]. - MIDD experienced a 9% sequential order growth in 2Q24, suggesting a recovery in underlying demand [4]. - The competitive promotional landscape has normalized, indicating improved demand and reduced oversupply issues [4]. Segment Analysis - The RK segment saw an organic sales decline of 670 basis points in 2Q24, but housing demand indicators have improved, suggesting better performance in 2H24 [5]. - Key factors for RK include improved housing starts, existing home inventories, and declining mortgage rates, which are expected to enhance housing demand [5]. - RK orders increased by 14% sequentially, indicating potential for improved performance in FY24 [5]. Valuation Insights - MIDD's valuation may improve if the CF segment achieves positive organic growth, potentially closing the valuation gap with Illinois Tool Works (ITW) [6]. - Historically, MIDD traded at a premium to ITW, but lower organic growth has led to a reversal of this trend [6]. - If MIDD's CF segment can match ITW's organic growth levels, it could see a significant rerating to ITW's forward EBITDA multiple of 17x, representing substantial upside potential [6]. Conclusion - The current hold rating reflects the need for further data to confirm strong growth acceleration in the CF segment, which is crucial for a potential re-rating of multiples [7]. - Monitoring key metrics such as order growth and broader restaurant industry performance will be essential for future assessments [7].

The Middleby Corporation (MIDD) reported second-quarter 2024 adjusted earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27. The bottom line decreased 3.6% year over year due to lower sales. Net sales of $992 million beat the consensus estimate of $989 million. The top line dipped 4.7% year over year. Organic revenues decreased 4.8%. Acquired assets boosted sales by 0.3% while movements in foreign currencies had a negative impact of 0.2%. Segmental Results Sales from the Commercial F ...