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ELGIN, Ill. -On Tuesday, Middleby Corporation (NASDAQ:MIDD) reported fourth quarter earnings and revenue that surpassed analyst expectations, driven by strong performance in its food processing segment.
The company’s stock edged up 0.30% following the release.
The commercial foodservice equipment manufacturer posted adjusted earnings per share of $2.88, beating the consensus estimate of $2.56. Revenue came in at $1.01 billion, topping expectations of $996.34 million and rising 0.5% year-over-year.
Middleby’s food processing segment was a standout performer, with sales surging 14.4% YoY to $219.4 million. The segment’s adjusted EBITDA margin expanded to 29.6% from 27.6% in the prior year quarter.
"We closed 2024 by delivering our strongest margins of the year. Exceptional profitability achievements by our Food Processing and Commercial Foodservice platforms, and a strong result in the residential segment given the depressed market conditions, led us to record cash flow for the year," said Tim FitzGerald, CEO of Middleby.
The company’s commercial foodservice and residential kitchen segments saw slight revenue declines of 2.9% and 2.1% respectively. However, Middleby maintained strong profitability, with overall adjusted EBITDA margin improving to 24.8% from 23.3% last year.
Middleby generated record operating cash flows of $687 million for the full year and $240 million for the fourth quarter. The company reduced its net leverage to 2.0x and repurchased $16.4 million of common shares during the quarter.
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