The Middleby Corporation Reports Record Fourth Quarter Results
Feb. 27, 2023
• Revenue of $1,032 million, a 19.1% increase year over year • Diluted Earnings per share of $2.45 and adjusted net earnings per share of $2.57, an increase of 21.8% year over year • Adjusted EBITDA of $234 million, a 21.0% increase year over year • Profitability grew to an organic adjusted EBITDA margin of 23.8% • Completed the acquisition of Escher, a complement to Middleby’s offerings in bakery innovation • Completed the acquisition of Marco, expanding Middleby’s beverage dispensing solutions Elgin, Ill, February 21, 2023 - 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 fourth quarter of 2022. “We are pleased with the results delivered in the fourth quarter and proud of our accomplishments for the year. Our team made great progress in 2022 moving forward our strategic and operating initiatives. We are excited about the many industry-leading innovations we have introduced over the past year and the robust pipeline of products we are launching in 2023. The investments we are making to evolve our go-to-market initiatives are paying dividends, as we have expanded the capabilities of our sales teams, deepened the relationships with our channel partners, and increased our engagement with end-user customers. The meaningful capital investments we have made in our operations have positioned us for increased manufacturing capacity and expected improvements in production efficiencies. In 2022, we also continued to execute our long-standing acquisition strategy -- adding eight brands to our portfolio and many exciting products complementing our commercial, food-processing and residential businesses. We are confident our execution of these strategic initiatives is positioning us for long-term growth and progressing us toward the profitability targets we have established for each of our three industry-leading foodservice segments,” said Tim FitzGerald, CEO of The Middleby Corporation.
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