Earnings/Financial News

The Middleby Corporation Reports Third Quarter Results

Nov. 11, 2022

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the third quarter of 2022.

Earnings/Financial News

Middleby Releases 2022 Q2 Results

Aug. 10, 2022

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the 2022 second quarter of $113.2 million or $2.07 diluted earnings per share on net sales of $1,013.6 million.

Earnings/Financial News

The Middleby Corporation Reports First Quarter Results

May. 10, 2022

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the 2022 first quarter of $85.8 million or $1.52 diluted earnings per share on net sales of $994.7 million

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the 2021 fourth quarter of $102.7 million or $1.80 diluted earnings per share on net sales of $866.4 million. Adjusted net earnings were $117.1 million or $2.11 adjusted diluted earnings per share. A full reconciliation between GAAP and non-GAAP measures is provided at the end of the press release.

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the 2021 third quarter of $176.0 million or $3.09 diluted earnings per share on net sales of $817.5 million. Adjusted net earnings were $106.4 million or $1.92 adjusted diluted earnings per share. A full reconciliation between GAAP and non-GAAP measures is provided at the end of the press release.

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the second quarter ended June 29, 2019.

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the fourth quarter and full fiscal year ended December 29, 2018. Net earnings for the fourth quarter were $94.8 million or $1.70 diluted earnings per share on net sales of $756.7 million as compared to the prior year fourth quarter net earnings of $75.2 million or $1.35 diluted earnings per share on net sales of $632.9 million. Net earnings for the fiscal year ended December 29, 2018 were $317.2 million or $5.70 diluted earnings per share on net sales of $2,722.9 million as compared to the prior year net earnings of $298.1 million or $5.26 diluted earnings per share on net sales of $2,335.5 million. Net earnings in the current quarter were impacted by the dilutive impact of the Taylor acquisition and restructuring. Net earnings in the prior year were impacted by restructuring, the gain on sale of plant, the impairment of intangible assets, complying with the Tax Cuts and Job Act of 2017 and the adoption of ASU No, 2016-09. Excluding these items, adjusted earnings per share was $1.79 and $1.62 for the 2018 and 2017 fourth quarter periods, respectively.

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the second quarter ended June 30, 2018. Net earnings for the second quarter were $84.0 million or $1.51 diluted earnings per share on net sales of $668.1 million as compared to the prior year second quarter net earnings of $77.6 million or $1.35 diluted earnings per share on net sales of $579.3 million.

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the third quarter ended September 29, 2018. Net earnings for the third quarter were $72.9 million or $1.31 diluted earnings per share on net sales of $713.3 million as compared to the prior year third quarter net earnings of $74.7 million or $1.31 diluted earnings per share on net sales of $593.0 million. Excluding the impact of restructuring expenses and the dilutive impact of the Taylor acquisition, adjusted earnings per share was $1.56 for the third quarter ended September 29, 2018. Excluding the impact of restructuring expenses, adjusted earnings per share was $1.36 in the prior year third quarter.

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the first quarter ended March 31, 2018. Net earnings for the first quarter were $65,420,000 or $1.18 diluted earnings per share on net sales of $584,800,000 as compared to the prior year first quarter net earnings of $70,702,000 or $1.24 diluted earnings per share on net sales of $530,297,000.

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the fourth quarter and full fiscal year ended December 30, 2017. Net earnings for the fourth quarter were $75,186,000 or $1.35 diluted earnings per share on net sales of $632,859,000 as compared to the prior year fourth quarter net earnings of $80,936,000 or $1.41 diluted earnings per share on net sales of $596,817,000. Net earnings for the fiscal year ended December 30, 2017 were $298,128,000 or $5.26 diluted earnings per share on net sales of $2,335,542,000 as compared to net earnings of $284,216,000 or $4.98 diluted earnings per share on net sales of $2,267,852,000 in the prior year.

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the 2020 fourth quarter of $51.8 million or $0.94 diluted earnings per share on net sales of $729.3 million. Adjusted net earnings were $89.0 million or $1.62 adjusted diluted earnings per share. A full reconciliation between GAAP and non-GAAP measures is provided at the end the press release.

The Middleby Corporation, Inc. (NASDAQ: MIDD; “Middleby” or the “Company”), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today announced that it proposes to offer $550 million aggregate principal amount of its convertible senior notes due 2025 (the “notes”), subject to market conditions and other factors.

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the 2020 third quarter of $60.5 million or $1.10 diluted earnings per share on net sales of $634.5 million. Adjusted net earnings were $73.9 million or $1.34 adjusted diluted earnings per share. A full reconciliation between GAAP and non-GAAP measures are provided at the end of this press release.

Earnings/Financial News

Middleby Announces Strategic Financing Transactions

Aug. 18, 2020

The Middleby Corporation, Inc. (NASDAQ: MIDD; “Middleby” or the “Company”), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today announced that it has commenced a set of strategic financing transactions, including an amendment to its senior credit facility and the launch of a $550 million convertible notes offering. The Company also expects to enter into a related capped call hedge transaction, which will offset potential dilution from the conversion feature of the notes.

Earnings/Financial News

The Middleby Corporation Reports 2020 Q2 Results

Aug. 5, 2020

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the 2020 second quarter of $21.2 million or $0.39 diluted earnings per share on net sales of $472.0 million. Adjusted net earnings were $30.4 million or $0.55 adjusted diluted earnings per share. A full reconciliation between GAAP and non-GAAP measures are provided at the end of this press release.

The Middleby Corporation (Nasdaq: MIDD; “Middleby” or the “Company”), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing and residential kitchen industries, today announced that it has priced $650 million aggregate principal amount of 1.00% convertible senior notes due 2025 (the “notes”). The principal amount of the offering was increased from the previously announced offering size of $550 million. The notes will be sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Middleby also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $97.5 million aggregate principal amount of the notes. The offering is expected to close on August 21, 2020, subject to customary closing conditions

Earnings/Financial News

2020 Q1 Earnings Report and COVID-19 Update

May. 7, 2020

Elgin, IL, May 7, 2020 - The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the 2020 first quarter of $73.8 million or $1.33 diluted earnings per share on net sales of $677.5 million.

Earnings/Financial News

Q4 2019 Summary

Feb. 26, 2020

Elgin, IL, February 26, 2020 - The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the fourth quarter and full fiscal year ended December 28, 2019.

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the third quarter ended September 28, 2019.

The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the first quarter ended March 30, 2019.