Foodservice

Middleby suffers Q4, FY 2023 sales declines, earnings mixed

Image: Middleby Corp.

February 20, 2024

Middleby Corp. reported Q4 and FY 2023 sales declines while earnings were mixed compared to the prior year periods, according to a press release. Highlights include:

• Net sales decreased 2.2% from $1.03 billion in Q4 2022 to $1 billion in the quarter ending Dec. 30, 2023.
• Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 4.7%.
• Net earnings fell from $133.2 million to $76.3 million in the comparative quarters.
• Net EPS fell from $2.48 to $1.42 on a basic basis and from $2.45 to $1.42 on a diluted basis.
• Adjusted EPS rose 3% to $2.65.
• Commercial foodservice sales fell from $628.9 million to $527.8 million.
• Residential kitchen sales fell from $216 million to $189 million.
• Food processing sales rose from $186.7 million to $191.7 million.
• Full-year sales rose from $4.032 billion to $4.036 billion.
• Full-year earnings fell from $436.5 million to $400.8 million.
• Full-year net EPS fell from $8.07 to $7.48 on a basic basis and from $7.95 to $7.41 on a diluted basis.
• Full-year commercial foodservice sales rose from $2.39 billion to $2.52 billion.
• Full-year residential kitchen sales fell from $1.05 billion to $794.5 million.
• Full-year food processing sales rose from $589.9 million to $720.6 million.

Shares traded at $145.17 today against a 52-week range of $109.59 to $158.88.

The $1 billion in quarterly revenue missed analyst expectations by $20 million while the non-GAAP EPS of $2.65 beat expectations by 10 cents, according to Seeking Alpha.

"We are proud of the accomplishments our team achieved in 2023, concluding with a strong fourth quarter finish in a challenging year," CEO Tim FitzGerald said in the press release. "We enter 2024 with a strong financial position and each of our three industry-leading foodservice businesses are poised for long-term, profitable growth."