Press release
The Middleby Corporation Reports First Quarter Results and Provides COVID-19 Update
ELGIN, Ill.--(BUSINESS WIRE)-- The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food
About this update from The Middleby Corporation
[{"type":"text","content":" 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 2020 first quarter of $73.8 million or $1.33 diluted earnings per share on net sales of $677.5 million.\n\n\nCOVID-19 Update\n\n\n“In response to the COVID-19 pandemic, we have implemented swift actions to protect our employees, ensure uninterrupted service to our customers and aggressively adjust our business and cost structure for an expected revenue decline,” said Middleby Chief Executive Officer Tim FitzGerald. “Our businesses across all three segments support the foodservice industry and have been designated as essential in most global locations. We are proud to continue to support our customers, while adhering to strict employee safety standards at all worldwide operations.”\n\n\nThe company has taken the following measures in response to COVID-19:\n\n\n\nEmployee Safety - Implemented companywide procedures including enhanced workplace sanitation, travel discontinuation, social distancing, staggered shifts and work-at-home protocols for most non-production employees.\n\n\nCustomer Support - Ensured continued access to customer support, technical service and minimal interruption to the shipping of service parts and finished goods. Production continued to meet customer demand.\n\n\nCost Initiatives - Initiated an aggressive reduction of all controllable and discretionary costs. This included the adjustment of global office and production workforces in response to near-term decreased demand levels and reduced cash compensation to executives.\n\n\nSupply Chain - Established a task force to identify and mitigate supply chain disruption risk and ensure continuity of business operations and customer support.\n\n\nLiquidity and Cash Flow - Reduced capital expenditures for the remainder of year, enhanced working capital reduction initiatives, deferred near-term acquisition and business development related investments, and discontinued the Middleby share repurchase program.\n\n\nCOVID-19 Product Introductions - Developed and launched products addressing COVID-19 needs, including sterilization units for N95 masks, mobile and touchless handwashing stations, plexiglass safety shields for restaurants...