Press release
The Middleby Corporation Reports Record First Quarter Results
Revenue of $1,007 million, a 1% increase year over year Diluted Earnings per share of $1.82 and adjusted net earnings per share of $2.19, an increase of 3%
About this update from The Middleby Corporation
[{"type":"text","content":"\n\nRevenue of $1,007 million, a 1% increase year over year\n\n\n\nDiluted Earnings per share of $1.82 and adjusted net earnings per share of $2.19, an increase of 3% year over year\n\n\n\nAdjusted EBITDA of $210 million, a 6% increase year over year\n\n\n\nProfitability grew to an organic adjusted EBITDA margin of 21.1% compared to 19.8% in the prior year\n\n\n\nCompleted the acquisition of Flavor Burst, expanding Middleby’s beverage platform\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 first quarter of 2023.\n\n\n“We began the year posting solid results at our Commercial Foodservice and Food Processing segments, while our Residential business faced the expected challenges of current market conditions and the impact of inventory destocking at retailers. While these conditions persist for our residential business, we anticipate improvement as the year progresses and inventory levels normalize. Our investments in manufacturing capacities along with improvements in supply chain have returned lead times to normalized levels across most of our businesses and position us to serve our customers in 2023. We continue to have meaningful engagement with customers across all three of our business segments and are excited for the opportunities developing around our latest product innovations addressing labor, energy, speed and sustainability. We continue to invest in our innovation centers in the US and Europe. These centers have proven to be a strategic for demonstrating our new product solutions and driving our long-term growth objectives,” said Tim FitzGerald, CEO of The Middleby Corporation.\n\n\n2023 First Quarter Financial Results\n\n\n\nNet sales increased 1.3% in the first quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 1.4% in the first quarter over the comparative prior year period.\n\n\n\nOrganic net sales (a non-GAAP measure) increases were reported for the Commercial Foodservice and Food Processing segments due to improvements in market conditions and consumer demand in the first quarter of 2023. A reconciliation of reported net sales by segment is...