The Middleby Corporation (MIDD) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.059 Good day, everyone, and welcome to today's third quarter 2025 Middleby 00:00:05.059 -- 00:00:10.166 Corp earnings call. At this time, all participants are in a listen-only 00:00:10.166 -- 00:00:11.709 mode. 00:00:11.709 -- 00:00:17.037 Later, you will have the opportunity to ask your questions during the question and answer 00:00:17.037 -- 00:00:18.779 session. 00:00:18.779 -- 00:00:23.626 Please note, today's call will be recorded, and I will be standing by should you need 00:00:23.626 -- 00:00:25.664 any assistance. 00:00:25.664 -- 00:00:31.330 It is now my pleasure to turn the conference over to CEO Tim Fitzgerald. 00:00:31.330 -- 00:00:33.791 Please go ahead. 00:00:34.213 -- 00:00:37.637 Good morning, and thank you for joining today's call. 00:00:37.637 -- 00:00:42.582 I'll begin this morning with an overview of the announced strategic review of our residential 00:00:42.582 -- 00:00:47.687 kitchen business before discussing highlights of the third quarter and for each of 00:00:47.687 -- 00:00:49.710 our business segments. 00:00:49.710 -- 00:00:53.834 As part of our efforts to drive long-term shareholder value, we've been undertaking a 00:00:53.834 -- 00:00:58.046 strategic review of our overall business portfolio. 00:00:58.046 -- 00:01:02.111 We continue to believe that our shares are significantly undervalued, and we're taking 00:01:02.111 -- 00:01:07.418 deliberate steps to close that gap, including with a planned spinoff of our food processing 00:01:07.418 -- 00:01:12.704 business, targeted for the completion in the second quarter of 2026, and 00:01:12.704 -- 00:01:16.729 also through our significant share repurchasing activities. 00:01:16.729 -- 00:01:21.795 As we further continue to evaluate opportunities to unlock the val...