Middleby Corp (MIDD) Share Price

MIDDLEBY CORP
FORM 10-Q
(Quarterly Report)
Filed 05/09/24 for the Period Ending 03/30/24

https://www.otcmarkets.com/filing/conv_pdf?id=17526907&guid=dZQ-kppUa5ECJth

The Middleby Corporation Reports First Quarter Results

Source: Business Wire
Net sales of $927 million
Adjusted EBITDA of $186 million
Organic adjusted EBITDA margin of 20.1%
Operating cash flows of $141 million
Diluted earnings per share of $1.59 and adjusted net earnings per share of $1.89
Net leverage reduced to 2.4x
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 first quarter of 2024.

“Near-term demand conditions proved to be difficult as we started 2024. We expect improved conditions for the second quarter and remain optimistic for the remainder of the year, as channel inventories have returned to normalized levels and order activity is trending in a positive direction. Our overall profitability remains strong, despite the low order volumes significantly impacting our residential business. We were pleased to again post record cash flows in the quarter, with expected strong cash generation for the entire year,” said Tim FitzGerald, CEO of The Middleby Corporation.

2024 First Quarter Financial Results

Net sales decreased 8.0% in the first quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 8.7% in the first quarter over the comparative prior year period.
A reconciliation of organic net sales (a non-GAAP measure) by segment is as follows:


Commercial Foodservice



Residential Kitchen



Food Processing



Total Company

Reported Net Sales Growth

(3.8

)%



(21.0

)%



(6.2

)%



(8.0

)%

Acquisitions

0.2

%



0.5

%



1.0

%



0.4

%

Foreign Exchange Rates

0.2

%



0.9

%



0.4

%



0.4

%

Organic Net Sales Growth (1) (2)

(4.2

)%



(22.3

)%



(7.7

)%



(8.7

)%

(1) Organic net sales growth defined as total sales growth excluding impact of acquisitions and foreign exchange rates

(2) Totals may be impacted by rounding

Adjusted EBITDA (a non-GAAP measure) was $185.8 million in the first quarter compared to $210.9 million in the prior year. A reconciliation of organic adjusted EBITDA (a non-GAAP measure) by segment is as follows:


Commercial Foodservice



Residential Kitchen



Food Processing



Total Company

Adjusted EBITDA

26.0

%



6.4

%



23.4

%



20.0

%

Acquisitions

(0.1

)%



0.1

%



(0.4

)%



(0.1

)%

Foreign Exchange Rates

(0.1

)%



—

%



—

%



(0.1

)%

Organic Adjusted EBITDA (1) (2)

26.1

%



6.3

%



23.8

%



20.1

%

(1) Organic Adjusted EBITDA defined as Adjusted EBITDA excluding impact of acquisitions and foreign exchange rates.

(2) Totals may be impacted by rounding

Operating cash flows during the first quarter amounted to $140.9 million in comparison to $92.0 million in the prior year period. The total leverage ratio per our credit agreements was 2.4x. The trailing twelve month bank agreement pro-forma EBITDA was $901.3 million.
Net debt, defined as debt excluding the unamortized discount associated with the Convertible Notes less cash, at the end of the 2024 first quarter amounted to $2.1 billion as compared to $2.2 billion at the end of fiscal 2023. Our borrowing availability at the end of the first quarter was approximately $2.8 billion.
"We are excited to be showcasing many of our latest Commercial Foodservice innovations at the upcoming National Restaurant Show to be held from May 18th through 21st in Chicago. This year we are proud to have a record eight Middleby products receiving the prestigious Kitchen Innovations Award. Our award-winning products include the latest in automation & robotics, beverage dispense, ventless solutions, and advanced cooking & frying technologies. Our recent product launches of industry leading innovations addressing foodservice trends and operator challenges has positioned us to serve the rapidly evolving needs of the foodservice industry,” concluded Mr. FitzGerald.

Conference Call

The company has scheduled a conference call to discuss the first quarter results at 11 a.m. Eastern/10 a.m. Central Time on May 8th. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing (833) 630-1956, or (412) 317-1837 for international access, and ask to join the Middleby conference call. The conference call will be available for replay from the company’s website.

Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the company's SEC filings. Any forward-looking statement speaks only as of the date hereof, and the company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice, food processing, and residential kitchens. Supporting the company’s pursuit of the most sophisticated innovation, state-of-the-art Middleby Innovation Kitchens and Residential Showrooms showcase and demonstrate the most advanced Middleby solutions. In 2022 Middleby was named a World’s Best Employer by Forbes and is a proud philanthropic partner to organizations addressing food insecurity.

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Thank you much!

Fundamental analysis highlights shares are 35% overvalued b4 earnings: Fair Value

I believe the dividends are stock shares, so you get 2 stock shares for every one you own. Dividends means stock share dividends I believe, that's what Fidelity told me. GLTU! MIDD $$$$

That I can understand but where do the 2 stocks paid as dividends for every stock owned come in ?
I can't see a dime of dividends being paid here.

He will have 300 shares after the split. I do not know about OS increasing sorry! The price will drop by 2/3 after split.

Big stocks. Say a guy has 100 shares before the split. They are splitting 3 for 1. They also say a stock dividend of 2 stocks for
every one owned will be paid. So, after the smoke clears, how many shares will a guy actually own ? They say stock OS will increase
from 19 mill to 57 mill. Should that not be an increase to 95 mill
with the 2 dividend stocks tossed in ? Very confusing.

Just got into Midd, which has a 20 year return rate of over 14,000%!! It has been around for over 100 years and will have a 3:1 forward split on June 18tg I believe!! Good buy!! MIDD $$$$$$$$

~ Thursday! $MIDD ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $MIDD ~ Earnings expected on Thursday *
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








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*If the earnings date is in error please ignore error. I do my best.

The Middleby Corporation (Middleby), through its operating subsidiary Middleby Marshall Inc. (Middleby Marshall) and its subsidiaries, is engaged in the design, manufacture, marketing, distribution, and service of a line of cooking and warming equipment used in all types of commercial restaurants and institutional kitchens, and food preparation, cooking and packaging equipment for food processing operations. It conducts its business through two principal business divisions: the Commercial Foodservice Equipment Group and the Food Processing Equipment Group. On September 21, 2010, the Company acquired the food processing equipment business of Cozzini Inc. (Cozzini), a manufacturer of equipment solutions for the food processing industry. In April 2011, it acquired Beech Ovens, Pty. Ltd. In May 2011, it acquired Lincat Group plc. In July 2011, it acquired Danfotech Inc. In November 2011, the Company acquired F.R. Drake Company. In December 2011, the Company acquired Armor Inox.

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