Press release
The Middleby Corporation Reports Fourth Quarter Results
Net sales of $1,014 million Diluted earnings per share of $2.07 and adjusted net earnings per share of $2.88 Operating income of $170 million and 16.8% of
About this update from The Middleby Corporation
[{"type":"text","content":"\n\nNet sales of $1,014 million\n\n\n\nDiluted earnings per share of $2.07 and adjusted net earnings per share of $2.88\n\n\n\nOperating income of $170 million and 16.8% of net sales\n\n\n\nRecord Adjusted EBITDA of $251 million and organic adjusted EBITDA margin of 24.8%\n\n\n\nRecord operating cash flows of $687 million for the full year and $240 million for the quarter\n\n\n\nNet leverage reduced to 2.0x\n\n\n\nRepurchased $16.4 million of Middleby common shares in the fourth quarter\n\n\n\nCompleted the acquisitions of Emery Thompson, JC Ford and Gorreri\n\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 fourth quarter of 2024.\n\n\n“We closed 2024 by delivering our strongest margins of the year. Exceptional profitability achievements by our Food Processing and Commercial Foodservice platforms, and a strong result in the residential segment given the depressed market conditions, led us to record cash flow for the year. These results are being delivered while also making critical investments across all our businesses that are uniquely positioning us for the future.\n\n\n“We have continued to execute on our strategic initiatives focused on driving sustainable long-term organic growth, with recent launches of transformative product innovations and investments in differentiated go-to market capabilities. While we are currently facing challenging industry macro-conditions, we expect to see growth across all three of our foodservice segments as we progress through 2025. Our investments will continue to strengthen our leadership position across our businesses, positioning us very favorably as we anticipate moving into a multi-year recovery,” said Tim FitzGerald, CEO of the Middleby Corporation.\n\n\n2024 Fourth Quarter Financial Results\n\n\n\nNet sales increased 0.5% in the fourth quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 1.3% in the fourth quarter over the comparative prior year period.\n\n\n\nA reconciliation of organic net sales (a non-GAAP measure) by segment is as follows:\n\n\n\n\n \n\n \n\n\n\n\n\n\nCommercial\nFoodservice\n\n\n\n\n\n\n \n\n\n\...