The Middleby Corporation (MIDD) Q1 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.278 Good day and welcome to the Middleby Corporation first quarter 2025 earnings 00:00:05.278 -- 00:00:10.025 conference call. All participants will be in listen only mode. 00:00:10.025 -- 00:00:14.351 Should you need assistance, please signal a conference specialist by pressing the star 00:00:14.351 -- 00:00:16.534 key followed by zero. 00:00:16.534 -- 00:00:21.140 After today's presentation, there will be an opportunity to ask questions. 00:00:21.140 -- 00:00:25.687 To ask a question, you may press star then one on your telephone keypad. 00:00:25.687 -- 00:00:28.752 To withdraw your question, please press star then two. 00:00:28.752 -- 00:00:32.055 Please note this event has been recorded. 00:00:32.055 -- 00:00:34.477 I would now like to turn the conference over to Mr. 00:00:34.477 -- 00:00:39.220 Timothy Fitzgerald, CEO. Please go 00:00:39.782 -- 00:00:40.182 ahead. 00:00:40.083 -- 00:00:45.147 Thank you for joining today's call. I'd like to begin by highlighting several key developments 00:00:45.147 -- 00:00:49.612 that underscore our commitment to driving shareholder value. 00:00:49.612 -- 00:00:54.656 As announced this morning, we've authorized an additional 7.5 billion shares under 00:00:54.656 -- 00:00:59.887 our accelerated buyback program. We plan to deploy the vast majority of our free 00:00:59.887 -- 00:01:05.677 cash flow towards repurchasing shares, reflecting our confidence in the business. 00:01:05.677 -- 00:01:11.706 We believe our current share price does not fully capture the strength of our business. 00:01:11.706 -- 00:01:16.914 By prioritizing share repurchases, we aim to bridge that gap and deliver superior 00:01:16.914 -- 00:01:22.820 returns to shareholders while maintaining our strategic growth investments. 00:...