Middleby Earnings Reports

Middleby Corporation posted Q4 2024 revenue of $1.01 billion, reflecting a 0.5% year-over-year increase. Operating income rose to $170 million, representing 16.8% of net sales. Adjusted EPS increased to $2.88, driven by margin improvements in the Food Processing segment. Free cash flow reached $229 million, and the company continued its deleveraging efforts, reducing its net leverage ratio to 2.0x.

Middleby Corporation reported a 3.9% decrease in net sales to $943 million for the third quarter of 2024. Diluted earnings per share were $2.11, and adjusted net earnings per share were $2.33. The company's operating income was $173 million, representing 18.4% of net sales. Despite challenging macro-economic conditions, the company maintained strong profitability and cash flow, with operating cash flows of $157 million and a net leverage ratio reduced to 2.2x. The acquisition of Emery Thompson was completed during the quarter.

Middleby Corporation reported a decrease in net sales by 4.7% in Q2 2024 compared to the previous year, with net sales of $992 million. Diluted earnings per share were $2.13, and adjusted net earnings per share were $2.39. The company's operating income was $176 million, representing 17.7% of net sales.

Middleby Corporation reported a decrease in net sales by 8.0% to $927 million in the first quarter of 2024 compared to the prior year. Despite difficult near-term demand conditions, the company posted strong profitability and record cash flows, with operating cash flows amounting to $140.9 million. The net leverage was reduced to 2.4x.