Middleby Q4 2024 Earnings Report
Key Takeaways
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.
Total revenue increased 0.5% year-over-year to $1.01 billion.
Operating income improved to $170 million, with a margin of 16.8%.
Adjusted EPS rose to $2.88, driven by efficiency gains in Food Processing.
Free cash flow totaled $229 million, supporting further debt reduction.
Middleby Revenue
Middleby EPS
Middleby Revenue by Segment
Forward Guidance
Middleby expects revenue growth in all three segments in 2025, driven by product innovation and operational efficiencies.
Positive Outlook
- Revenue expected to grow across all segments throughout 2025.
- Continued strong performance expected in Food Processing.
- Operational efficiencies and strategic investments to drive margin expansion.
- Further deleveraging planned with strong cash generation.
- Acquisition strategy expected to enhance market leadership.
Challenges Ahead
- Macroeconomic conditions may challenge demand in Commercial Foodservice.
- Residential Kitchen segment still facing weak market conditions.
- Foreign exchange fluctuations may impact revenue growth.
- Higher input costs could put pressure on profitability.
- Competitive pricing environment could affect margins in key markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income