Foodservice

Middleby improves Q2 2023 sales, earnings

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August 3, 2023

Middleby Corp. lifted its Q2 2023 sales and earnings over the prior year period, according to an earnings release.

Highlights include:

• Net sales increased 2.6% from $1.01 billion in Q2 2022 to $1.04 billion in the quarter ending July 1, 2023. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 2.3% in the second quarter over the comparative prior year period.
• Organic net sales increased for the commercial foodservice and food processing segments. Commercial foodservice totaled $645.6 million, residential kitchen totaled $205.6 million and food processing totaled $188.7 million.
• Net earnings rose from $113.3 million to $116.8 million in the comparative quarters.
• Basic EPS rose from $2.10 to $2.18 while diluted EPS rose from $2.07 to $2.16.
• Adjusted diluted EPS rose from $2.23 to $2.47.

Shares traded at $139.89 today against a 52-week range of $122.23 to $162.02.

The $1.04 billion in quarterly revenue was in line with analyst expectations while the non-GAAP EPS of $2.47 beat analyst expectations by 12 cents, according to Seeking Alpha.

"We delivered solid results with top line growth and margin expansion at our commercial foodservice and food processing segments," CEO Tim FitzGerald said in the press release. "We continue to execute toward our long-term growth and profitability targets at our residential business while managing the near-term headwinds from challenging housing market conditions."