Overview
Middleby Q2 sales beat analysts' expectations but adjusted EBITDA missed, per LSEG data
Company repurchased 3.1 mln shares for $448.9 mln, or 5.7% of equity
Middleby initiates Q3 and full year 2025 guidance
Outlook
Middleby sees Q3 revenue of $950-975 mln
Middleby expects Q3 adjusted EBITDA of $185-195 mln
Middleby forecasts 2025 revenue of $3.81-3.87 bln
Company projects 2025 adjusted EPS of $8.65-9.05
Result Drivers
ECONOMIC UNCERTAINTY - Middleby attributes Q2 results to economic uncertainty in key markets, impacting customer demand
NEW PRODUCT LAUNCHES - Gains in market share driven by new product launches, per CEO Tim FitzGerald
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Sales | Beat | $977.86 mln | $974.80 mln (8 Analysts) |
Q2 Net Income | $105.96 mln | ||
Q2 Adjusted EBITDA | Miss | $200 mln | $201.10 mln (8 Analysts) |
Q2 Gross Profit | $371.29 mln | ||
Q2 Operating Income | $155.39 mln | ||
Q2 Pretax Profit | $132.99 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the industrial machinery & equipment peer group is "buy"
Wall Street's median 12-month price target for Middleby Corp is $167.00, about 13.3% above its August 5 closing price of $144.71
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 13 three months ago
Press Release: ID:nBw9C1p5ma
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)