Press release
The Middleby Corporation Reports Record Second Quarter Results
Revenue of $1,040 million, a 3% increase year over year Diluted Earnings per share of $2.16 and adjusted net earnings per share of $2.47, an increase of 11%
About this update from The Middleby Corporation
[{"type":"text","content":"\n\nRevenue of $1,040 million, a 3% increase year over year\n\n\n\nDiluted Earnings per share of $2.16 and adjusted net earnings per share of $2.47, an increase of 11% year over year\n\n\n\nAdjusted EBITDA of $229 million, a 9% increase year over year\n\n\n\nProfitability grew to an organic adjusted EBITDA margin of 22.0% compared to 20.7% in the prior year\n\n\n\nCompleted the acquisitions of Blue Sparq and Filtration Automation\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 second quarter of 2023.\n\n\n“We delivered solid results with top line growth and margin expansion at our Commercial Foodservice and Food Processing segments. We continue to execute toward our long-term growth and profitability targets at our Residential business, while managing the near-term headwinds from challenging housing market conditions. Inventory de-stocking affected the quarter at both our Commercial and Residential businesses and is expected to continue into the second half, with a lessening impact in the later part of the year. We continue to see strong underlying demand and a robust pipeline of new opportunities with our Commercial Foodservice and Food Processing customers adopting our latest innovations. Early signs of improvement in certain Residential categories are emerging as market conditions begin to stabilize and we are well-positioned for growth with the many exciting new products across our brand portfolio as the market returns,” said Tim FitzGerald, CEO of The Middleby Corporation.\n\n\n2023 Second Quarter Financial Results\n\n\n\nNet sales increased 2.6% in the second quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 2.3% in the second 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 in the second quarter of 2023. A reconciliation of reported net sales 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\n\n\n\nResidential\nKitchen\n\n\n\n\n\n\n \n\n\n\n\n\n\nFood\nProcessing\n\n\n\n\...