The Middleby ( (MIDD) ) has released its Q4 earnings. Here is a breakdown of the information The Middleby presented to its investors.
The Middleby Corporation is a global leader in the foodservice industry, specializing in the development and manufacturing of equipment for commercial foodservice, food processing, and residential kitchens.
The Middleby Corporation reported its fourth-quarter results for 2024, highlighting net sales of $1,014 million and a diluted earnings per share of $2.07. The company also achieved a record adjusted EBITDA of $251 million, alongside strong operating cash flows of $687 million for the full year.
Key financial metrics include a slight increase in net sales by 0.5% compared to the previous year, with organic net sales growth showing a decrease of 1.3%. The company reported an operating income of $170 million, with a significant reduction in impairment charges compared to the prior year. Middleby also completed acquisitions of Emery Thompson, JC Ford, and Gorreri, strengthening its position in the food processing segment.
The company reduced its net leverage to 2.0x and repurchased $16.4 million of its common shares in the fourth quarter. Middleby continues to focus on strategic initiatives aimed at sustainable long-term growth, despite challenging macroeconomic conditions.
Looking forward, Middleby anticipates growth across its foodservice segments in 2025, driven by recent product innovations and strategic investments. The company remains committed to strengthening its leadership position and is optimistic about a multi-year recovery ahead.
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