Foodservice

Middleby boosts Q4, FY 2022 sales, earnings results mixed

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February 21, 2023

Middleby Corp. lifted its Q4 and FY 2022 sales while earnings results were mixed, according to a press release. Highlights include:

• Net sales increased 19.1%, from $866.4 million in Q4 2021 to $1.03 billion in Q4 2022.
• Excluding the impacts of acquisitions and foreign exchange rates, sales increased 14% in the fourth quarter over the comparative prior year period, reflecting higher shipments due investments to increase production throughput.
• Organic net sales increased due to improvements in market conditions and consumer demand.
• Net earnings rose from $102.7 million to $133.2 million in the comparative quarters.
• Basic EPS rose from $1.86 to $2.48, while diluted EPS rose from $1.80 to $2.45.
• Adjusted net earnings rose from $438.7 million to $493 million in the comparative quarters.
• Adjusted EPS was $2.57 for the quarter.
• Annual sales rose from $3.25 billion in 2021 to $4.03 billion in 2022.
• Annual earnings dipped from $488.5 million to $436.6 million in the comparative years.
• Diluted EPS fell from $8.85 to $8.07, while diluted EPS fell from $8.62 to $7.95 in the comparative years.

Shares traded today at $156.40 against a 52-week range of $120.30-$194.65.

The $1.03 billion in quarterly revenue beat analyst expectations of $1.01 billion while the adjusted EPS of $2.57 beat expectations of $2.44, according to investing.com.

"We are pleased with the results delivered in the fourth quarter and proud of our accomplishments for the year," CEO Tim FitzGerald said in the press release. "The investments we are making to evolve our go-to-market initiatives are paying dividends, as we have expanded the capabilities of our sales teams, deepened the relationships with our channel partners and increased our engagement with end-user customers. In 2022, we also continued to execute our long-standing acquisition strategy — adding eight brands to our portfolio and many exciting products complementing our commercial, food-processing and residential businesses."