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Mar 30, 2024
Middleby Q1 2024 Earnings Report
Reported first quarter results with net sales of $927 million and adjusted EBITDA of $186 million.
Key Takeaways
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.
Net sales decreased 8.0% year-over-year to $927 million.
Adjusted EBITDA was $186 million.
Organic adjusted EBITDA margin was 20.1%.
Operating cash flows amounted to $141 million.
Middleby
Middleby
Middleby Revenue by Segment
Revenue by Segment
Commercial Foodservice Revenue
CapyFin.comResidential Kitchen Revenue
CapyFin.comFood Processing Revenue
CapyFin.com Forward Guidance
The company expects improved conditions for the second quarter and remains optimistic for the remainder of the year, as channel inventories have returned to normalized levels and order activity is trending in a positive direction.
Revenue & Expenses
Visualization of income flow from segment revenue to net income