Press release
The Middleby Corporation Reports First Quarter Results and Board of Directors Increases Share Buyback Authorization to 21% of Equity
Prioritization of Free Cash Flow to Accelerate Share Repurchases Increase of Shares Available for Buyback to 11.4 million shares, an increase of 7.5 million
About this update from The Middleby Corporation
[{"type":"text","content":"\n\nPrioritization of Free Cash Flow to Accelerate Share Repurchases\n\n\nIncrease of Shares Available for Buyback to 11.4 million shares, an increase of 7.5 million shares\n\n\nOperating income of $141 million as compared to $137 million in prior year\n\n\nAdjusted EBITDA of $182 million as compared to $186 million in prior year\n\n\nOperating cash flows of $141 million in current and prior year\n\n\nNet leverage at 2.0x\n\n\n ELGIN, Ill.--(BUSINESS WIRE)--\nThe Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the first quarter of 2025. Middleby further announced an acceleration to its share repurchase program, with expectation to deploy the vast majority of its free cash flow to the buyback of shares. This follows the company’s February 2025 announcement to separate its Food Processing business into a separate public company.\n\nShare Repurchasing\n\n“Middleby has a demonstrated track record of operational excellence, strong cash flow generation and disciplined capital investments, which provides the foundation for our attractive capital allocation framework,\" said Tim FitzGerald, CEO of The Middleby Corporation.\n\n“This framework, combined with our financial strength, positions us to be able to prioritize return of capital to shareholders, while also continuing investments in our business to drive innovation and deliver organic growth. To that end, and given our continued belief that Middleby’s current market valuation does not reflect the inherent strength of our business, we are now targeting a return of the vast majority of Middleby's free cash flow to shareholders through share repurchases over the foreseeable future. This is an important part of advancing our efforts to drive enhanced value creation and follows our February announcement regarding the planned separation of Middleby Food Processing, which remains on track for completion in early 2026.”\n\nIn conjunction with the increased emphasis on buyback activity, Middleby's Board has increased the total share repurchase authorization by 7.5 million shares. The total authorized shares available to be repurchased now represents 11.4 million shares, or 21% of the company's outstanding equity. Year to date, we have repurc...