Middleby(US:MIDD)2023-05-10 16:33Financial Performance - Overall net sales increased by 1.3% to $1,007.4 million in Q1 2023 compared to $994.7 million in Q1 2022[38] - Adjusted EBITDA increased by 6.4% to $210.0 million in Q1 2023, representing 20.8% of sales, compared to $197.4 million, or 19.8% of sales, in Q1 2022[38] - Operating cash flow was $92 million in Q1 2023[12,38] Segment Performance - Commercial Foodservice revenue decreased by 33.6% to $220.0 million in Q1 2023 compared to $331.1 million in Q1 2022[44] - Food Processing revenue increased by 13.7% to $613.9 million in Q1 2023 compared to $540.0 million in Q1 2022[53] - Residential Kitchen revenue decreased by 32.1%[49] Regional Performance - U S and Canada net sales increased by 15.8% to $452.6 million[61] - International net sales increased by 8.1% to $161.3 million[61] Strategic Initiatives and Acquisitions - The company acquired Blue Sparq, which has annual revenues of $5 million[31,54] - The company acquired Flavor Burst to broaden its beverage solutions portfolio[23,39] - The company repurchased $48 million of its own stock in the open market[12] Market Segmentation - Commercial segment accounts for 61% of the market, Food Processing 17%, and Residential 22%[2]