Core Insights - Middleby (MIDD) reported quarterly earnings of $2.88 per share, exceeding the Zacks Consensus Estimate of $2.50 per share, and showing an increase from $2.65 per share a year ago, resulting in an earnings surprise of 15.20% [1] - The company achieved revenues of $1.01 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.87%, with revenues remaining unchanged compared to the previous year [2] - Middleby shares have increased approximately 24.1% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.7% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.90 on revenues of $933.9 million, while for the current fiscal year, the estimate is $9.61 on revenues of $3.98 billion [7] - The estimate revisions trend for Middleby is mixed, leading to a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market in the near future [6] Industry Context - The Manufacturing - General Industrial industry, to which Middleby belongs, is currently ranked in the bottom 45% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Another company in the same industry, Chart Industries (GTLS), is expected to report quarterly earnings of $3.19 per share, reflecting a year-over-year increase of 41.8%, with revenues projected at $1.17 billion, up 15.5% from the previous year [9][10]

1400 Toastmaster Drive, Elgin, Illinois 60120 (847) 741-3300 www.middleby.com "We closed 2024 by delivering our strongest margins of the year. Exceptional profitability achievements by our Food Processing and Commercial Foodservice platforms, and a strong result in the residential segment given the depressed market conditions, led us to record cash flow for the year. These results are being delivered while also making critical investments across all our businesses that are uniquely positioning us for the fu ...

The Middleby Corporation (MIDD) has been benefiting from a robust product portfolio and accretive acquisitions. MIDD’s efforts to reward its shareholders add to its appeal.Elgin, IL-based Middleby provides cooking, warming, food preparation and packaging equipment to the commercial, industrial processing and residential markets. Formerly known as Oven Company, it was acquired by TMC Industries Ltd. in 1983.In the year-to-date period, this Zacks Rank #3 (Hold) company’s shares have gained 25.4% compared with ...

Middleby (MIDD) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock may mo ...

The Middleby Corporation (MIDD) has failed to impress investors with its recent operational performance due to weakness across its businesses and high debt levels.Based in Elgin, IL, the company provides cooking, warming, food preparation and packaging equipment to commercial, industrial processing and residential markets.Let us discuss the factors that continue to take a toll on the firm.Factors Affecting MiddlebyBusiness Weakness: Lower demand for residential kitchen products due to weakness in the housin ...

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 ...

Financial Performance - Net sales for the third quarter were $943 million, a decrease of 3.9% compared to the prior year period[4] - Diluted earnings per share were $2.11, with adjusted net earnings per share at $2.33[1] - Operating income was $173 million, representing 18.4% of net sales[1] - Adjusted EBITDA was $213 million, with an organic adjusted EBITDA margin of 22.6%[5] - For the three months ended September 28, 2024, net sales totaled $942.8 million, a decrease from $980.7 million in the same period of 2023, representing a decline of 3.9%[13] - For the nine months ended September 28, 2024, net sales reached $2.86 billion, a decrease of 5.5% from $3.03 billion in the same period of 2023[15] - The company reported net earnings of $114.2 million for Q3 2024, with diluted earnings per share of $2.11, compared to $108.7 million and $2.01 in Q3 2023[17] Cash Flow and Debt - Operating cash flows amounted to $157 million, down from $219 million in the prior year[5] - Operating cash flow for Q3 2024 was $156,665, a decrease of 28.5% compared to $219,153 in Q3 2023[19] - Free cash flow for Q3 2024 was $145,176, down from $197,823 in Q3 2023, representing a decline of 26.5%[19] - The company reported net cash flows from operating activities of $447,082 for the nine months ended Q3 2024, an increase of 19.9% from $373,103 in the same period of 2023[19] - Net debt at the end of the third quarter was $1.8 billion, reduced from $2.2 billion at the end of fiscal 2023[6] - Financing activities resulted in cash outflows of $(3,114) in Q3 2024, compared to $(150,533) in Q3 2023, showing a significant reduction in financing needs[19] Segment Performance - The commercial foodservice segment reported a net sales decline of 5.3%[4] - Segment operating income for the Commercial Foodservice segment was $146.1 million, with an operating income margin of 24.3%, compared to $158.6 million and 25.0% in the prior year[13] - Segment adjusted EBITDA for the Commercial Foodservice segment was $492.9 million, representing 27.2% of net sales, compared to 27.5% in the prior year[15] - Adjusted EBITDA for the total company was $213.0 million, or 22.6% of net sales, down from $225.1 million and 23.0% in the same quarter of 2023[13] Expenses and Restructuring - The company incurred restructuring expenses of $2.5 million in Q3 2024, down from $4.4 million in Q3 2023[17] - Stock compensation expenses for the three months ended September 28, 2024, were $8.7 million, compared to $13.2 million in the same period of 2023[17] - Capital expenditures in Q3 2024 were $11,489, compared to $21,330 in Q3 2023, indicating a reduction of 46.1%[19] Future Outlook - The company anticipates improvement in industry macro-conditions in 2025, supporting growth across all foodservice segments[3] Charitable Contributions - Charitable support to Ukraine amounted to $286,000 in Q3 2024, up from $118,000 in the same quarter of 2023[17] Non-GAAP Measures - Non-GAAP financial measures are used by the company to provide greater insight into its financial performance, focusing on organic net sales growth and adjusted EBITDA[21] - Free cash flow is emphasized as a key measure of operating performance, available for investments and debt repayment[22] - The company believes that its non-GAAP measures assist in comparing performance across reporting periods by excluding non-core operating impacts[21] - The company aims to enhance transparency and understanding of its financial results through the use of non-GAAP measures[20] - Adjusted net earnings and diluted per share measures are considered useful for evaluating operational performance and business planning[21]