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Jun 29, 2024
Middleby Q2 2024 Earnings Report
Reported net earnings for the second quarter of 2024.
Key Takeaways
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.
Net sales of $992 million
Diluted earnings per share of $2.13 and adjusted net earnings per share of $2.39
Operating income of $176 million and 17.7% of net sales
Net leverage reduced to 2.3x
Middleby
Middleby
Middleby Revenue by Segment
Forward Guidance
Although general market conditions are challenged, we are positioned for growth in the second half as we continue to execute on our strategic initiatives.
Positive Outlook
- Orders trended positively during the quarter, with increases at all three of our segments as compared to the prior year second quarter.
- We continue to make progress toward our longer-term financial goals
- Posting strong profitability
- Record operating cash flows in the quarter
- Our launches of new product innovations and investments in go-to-market strategies continue to strengthen our leadership position across our three foodservice businesses
Challenges Ahead
- General market conditions are challenged
- Net sales decreased 4.7% in the second quarter over the comparative prior year period.
- Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 4.8% in the second quarter over the comparative prior year period.
- Operating income was $175.7 million in the second quarter compared to $184.8 million in the prior year period.
- Adjusted EBITDA (a non-GAAP measure) was $216.4 million in the second quarter compared to $229.2 million in the prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income