Foodservice

Middleby Corp lifts Q3 2022 sales, earnings slide

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November 10, 2022

Middleby Corp. lifted its Q3 sales in double digits over the prior year period but suffered an earnings decline, according to an earnings release. Highlights include:

• Net sales increased 21.5% from $817.5 million in Q3 2021 to $992.87 million in the three months ending Oct. 1, 2022.
• Net earnings fell from $175.9 million to $104.4 million in the comparative quarters.
• Net EPS fell from $3.19 to $1.94 on a basic basis and from $3.09 to $1.92 on a diluted basis.
• Adjusted net earnings rose from $1.92 to $2.18.

Shares traded Wednesday at $125.53 against a 52-week range of $120.30-$201.34.

The quarterly revenue of $992.87 million missed analyst estimates by $27.13 million while the non-GAAP EPS of $2.18 missed estimates by 18 cents, according to Seeking Alpha.

"We continue to execute on our strategic and operating initiatives, while realizing growth in sales and profitability," Tim FitzGerald, CEO, said in the press release. "We reported record third quarter sales and EBITDA, with margins ahead of pre-COVID levels despite significant continued inflationary effects impacting the quarter."