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.

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

Highlights include:

  • Revenue of $993 million, a 21.5% increase year over year
  • Diluted Earnings per share of $1.92 and adjusted net earnings per share of $2.18, an increase of 13.5% year over year
  • Adjusted EBITDA of $212 million, a 23.3% increase year over years
  • Profitability grew to an organic adjusted EBITDA margin of 22.6%
  • Completed the acquisition of CP Packaging, expanding Middleby’s offerings in packaging innovation
  • Completed the acquisition of Colussi Ermes, enhancing Middleby’s automated washing & food safety solutions

For more information, please see the attached PDF.