Loading...
•
Sep 28, 2024
Middleby Q3 2024 Earnings Report
Reported third quarter results with net sales of $943 million and diluted earnings per share of $2.11.
Key Takeaways
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.
Net sales decreased by 3.9% to $943 million.
Diluted earnings per share (EPS) reached $2.11, with adjusted EPS at $2.33.
Operating income was $173 million, representing 18.4% of net sales.
Operating cash flows amounted to $157 million, and net leverage was reduced to 2.2x.
Revenue by Segment
Forward Guidance
The company anticipates the challenging current industry macro-conditions will improve in 2025 and will lead into a multi-year recovery favorably supporting growth at all three of our foodservice segments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...