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The Middleby Corp (MIDD)
NASDAQ:MIDD
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Earnings Data
Report Date
Feb 26, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$2.56Last Year’s EPS
$2.65Same Quarter Last Year
Moderate Buy
Based on 7 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 31, 2024
|% Change Since: -3.51%
|Next Earnings Date:Feb 26, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted strong cash flow, reduced leverage, and profitability initiatives despite revenue declines. However, significant challenges were noted in the Commercial Foodservice and Residential segments, along with broader macroeconomic headwinds affecting orders and growth prospects.Company Guidance
In the third quarter of 2024, Middleby Corporation faced challenging conditions, particularly in its Commercial Foodservice segment, due to a 3.5% decline in restaurant traffic and a reacceleration of food costs, which contributed to an estimated 1,500 restaurant closures for the year. Despite these headwinds, the company reported strong operating cash flow, with year-to-date cash flow reaching $447 million, a 20% increase from the previous year. Additionally, Middleby successfully reduced its leverage from 2.7x to just over 2x, enhancing its financial flexibility. The company achieved revenue of $943 million, a 4% decrease from the prior year, while maintaining an adjusted EBITDA margin of 22.6%, up 80 basis points sequentially. Looking forward, Middleby anticipates sequential growth in the fourth quarter, with potential revenue reaching $1 billion, and remains committed to strategic investments and innovations to drive future growth and profitability.Strong Operating Cash Flow
Year-to-date cash flow of $447 million, roughly 20% ahead of a record 2023.
Leverage Reduction
Leverage declined from 2.7x a year ago to just over 2x at the end of the third quarter.
Profitability Initiatives
Despite revenue declines, strong margins were posted, and margin expansion was reported compared to the second quarter.
Significant Investments in Innovation
Record number of industry-leading new solutions launched across all product categories.
Vendor of the Year Award
Nieco was awarded Vendor of the Year by Burger King for their latest broiler innovation and outstanding customer service.
Expansion into Ice and Beverage Category
Momentum in the multibillion dollar ice and beverage category with further growth expected.
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MIDD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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MIDD Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 31, 2024 | $140.38 | $129.70 | -7.61% |
| Aug 01, 2024 | $135.58 | $144.36 | +6.48% |
| May 08, 2024 | $141.83 | $138.58 | -2.29% |
| Feb 20, 2024 | $144.54 | $148.31 | +2.61% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does The Middleby Corp (MIDD) report earnings?
The Middleby Corp (MIDD) is schdueled to report earning on Feb 26, 2025, TBA Not Confirmed.
What is The Middleby Corp (MIDD) earnings time?
The Middleby Corp (MIDD) earnings time is at Feb 26, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MIDD EPS forecast?
MIDD EPS forecast for the fiscal quarter 2024 (Q4) is $2.56.
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