Overview
Middleby Q3 revenue grows 4% yr/yr, beating analyst expectations
Adjusted EPS for Q3 rises to $2.37, surpassing prior year's $2.33
Company announces strategic review of Residential Kitchen business, incurs $709 mln impairment
Outlook
Company expects Q4 revenue of $990-1,020 mln
Middleby forecasts Q4 adjusted EBITDA of $200-210 mln
Company sees full-year revenue of $3.85-3.89 bln
Result Drivers
COMMERCIAL FOODSERVICE GROWTH - Organic growth driven by key dealer partners and strong performance in institutional and fast casual segments
RESIDENTIAL KITCHEN PERFORMANCE - Growth in premium indoor brands partially offset by tariffs on outdoor products
FOOD PROCESSING ORDER GROWTH - Solid order growth in Q3 due to improving market dynamics and better conversion of large projects
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Sales | Beat | $982.13 mln | $961.08 mln (8 Analysts) |
Q3 Net Income | -$512.98 mln | ||
Q3 Adjusted EBITDA | Beat | $196.40 mln | $189.63 mln (7 Analysts) |
Q3 Gross Profit | $361.31 mln | ||
Q3 Operating Income | -$554.25 mln | ||
Q3 Pretax Profit | -$578.95 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "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 $158.50, about 22.1% above its November 5 closing price of $123.48
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 15 three months ago
Press Release: ID:nBw4wpj6Ga
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(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.)