Middleby(US:MIDD)2022-02-22 15:45Financial Performance - Middleby's Q4 2021 net sales reached $866.4 million, an 18.8% increase compared to $729.3 million in Q4 2020[8] - Full year 2021 revenues grew 24% organically over 2020, reaching $3,251 million, while adjusted EBITDA grew 47% to $713 million[8] - Q4 orders increased by 25% compared to the prior year[8] - The company's backlog increased by 14% from Q3[8] Segment Performance - Commercial Foodservice revenues were $531.3 million in Q4 2021, a 24% increase from $428.4 million in Q4 2020[10] - Residential Kitchen revenues reached $209.5 million in Q4 2021, a 16.3% increase from $180.1 million in Q4 2020[14] - Food Processing revenues were $125.6 million in Q4 2021, a 4% increase from $120.8 million in Q4 2020[18] Regional Performance - In 2021, 69% of Middleby's revenue came from the United States and Canada[6] - Europe and the Middle East accounted for 21% of the company's revenue in 2021[6] - Asia contributed 7% to the company's revenue in 2021[6] - Latin America accounted for 3% of the company's revenue in 2021[6] Strategic Initiatives - Middleby completed acquisitions of Kamado Joe, Masterbuilt and Char-Griller, expanding its outdoor cooking equipment portfolio[16] - The company's recent acquisitions are expected to generate ongoing sales and profitability benefits[32] - Middleby used $575 million to fund acquisitions in Q4 2021[30] Order Trends - Total company Q4 2021 orders were $1,000 million, compared to $768 million in Q4 2019, an increase of $232 million[24] - Total company YTD Q4 2021 orders were $4,025 million, compared to $2,971 million in YTD Q4 2019, an increase of $1,054 million[24] - Total company backlog at the end of Q4 2021 was $1,344 million, compared to $521 million at the end of 2020, an increase of $823 million[24]