Foodservice

Middleby Corp boosts sales, earnings for Q4, FY 2021

Logo provided.

February 23, 2022

The Middleby Corp., a manufacturer of equipment for commercial foodservice, food processing and residential kitchen equipment, posted significant sales and earnings gains for Q4 and FY 2021, according to an earnings release.

• Net sales rose 18.8% from $729.3 million in Q4 2020 to $866.41 million in Q4 2021. Excluding the impacts of acquisitions and a disposition and foreign exchange rates, sales increased 12.6% in the comparative quarters, reflecting improvements in market conditions and consumer demand since the initial impact of COVID-19.
• Net earnings rose from $52.8 million to $102.7 million in the comparative quarters, while basic earnings per share rose from 94 cents to $1.86 and diluted EPS rose from 94 cents to $1.80.
• Adjusted net earnings rose from $89.04 million to $117.1 million, while adjusted EPS rose from $1.62 to $2.11.
• Commercial foodservice sales rose 24% from $428.4 million to $531.3 million in the comparative quarters.
• For the full year, net sales rose from $2.5 billion in 2020 to $3.25 billion in 2021.
• Net earnings jumped from $207.3 million to $488.5 million in the comparative years, while basic EPS rose from $3.76 to $8.85 and diluted EPS rose from $3.76 to $8.62.
• Commercial foodservice sales rose from $1.51 billion to $2.03 billion in the comparative years.

Shares traded at $182.80 today against a 52-week range of $136.82-$201.34.

The $866.41 million in quarterly revenue beat analyst expectations by $19 million, while the non-GAAP EPS of $2.11 beat expectations by 8 cents, according to Seeking Alpha.

"We finished the year with record sales and earnings at each of our three business segments, returning us to our track record of consistent growth," Tim FitzGerald, CEO, said in the release. "We concluded the year with the additions of Kamado Joe, Masterbuilt and Char-Griller, further expanding our residential equipment business and significantly increasing our presence in the outdoor category."

For an update on how the coronavirus pandemic has affected convenience services, click here.