Middleby Corp - MIDD STOCK NEWS

Middleby (NASDAQ: MIDD) has acquired JC Ford, a leading manufacturer of tortilla production equipment systems with $70 million in annual revenues. Founded in 1945 and based in Columbia, Tennessee, JC Ford specializes in automated solutions for tortilla, tortilla chips, and corn-based snacks production. The company recently moved to a new 132,000-square-foot facility near Nashville. This acquisition strengthens Middleby's presence in the fast-growing snack food category, offering opportunities for synergies and growth in the tortilla market, which is experiencing increasing consumer demand both domestically and internationally.

Middleby (NASDAQ: MIDD) reported Q3 2024 results with net sales of $943 million, representing a 3.9% decrease year-over-year. The company achieved diluted EPS of $2.11 and adjusted EPS of $2.33. Operating income was $173 million (18.4% of net sales), while adjusted EBITDA reached $213 million with an organic margin of 22.6%. Operating cash flows were $157 million, and net leverage was reduced to 2.2x. The company faced challenging macro-economic conditions, particularly in the commercial foodservice segment, with lower restaurant traffic and higher food costs impacting facility investments and causing location closures.

The Middleby (NASDAQ: MIDD) has announced its schedule for the release of its 2024 third quarter earnings. The company will disclose the results on Thursday, October 31, before the market opens. Following the release, Middleby has planned a conference call to discuss the earnings at 11 a.m. Eastern/10 a.m. Central Time on the same day.

Interested parties can access the conference call through the Investor Relations section of Middleby's website at www.middleby.com. For those unable to access the website, alternative dial-in options are available: 1-844-481-3012 for domestic participants and 1-412-317-1878 for international access.

Middleby (NASDAQ: MIDD) has announced the acquisition of Emery Thompson, a global brand in frozen dessert equipment. Located in Brooksville, Florida, Emery Thompson generates annual revenues of $10 million. The acquisition is expected to enhance Middleby's product offerings in the frozen dessert category, which includes gelato, frozen yogurt, custard, sorbet, hard ice cream, sherbet, and Italian ice.

Middleby CEO Tim FitzGerald highlighted potential synergies between Emery Thompson and Taylor Company, another Middleby brand. The company anticipates opportunities for sales growth through existing Middleby market channels and partners. Emery Thompson, established in 1905, is known for its batch freezers and innovation in frozen dessert equipment, as well as exceptional customer service and specialized training offerings.

Powerhouse Dynamics, a leader in IoT solutions for the foodservice industry, is returning as a key sponsor to FSTEC 2024 in Grapevine, Texas. The company will showcase its advanced Open Kitchen® software at Booth IA-55, demonstrating IoT-based solutions for equipment management, food safety, and energy management.

Open Kitchen's latest features include DemandSmart, which reduces utility demand charges for customers. The software aims to enhance efficiency, reduce costs and waste, and boost profitability and sustainability for foodservice operators. Attendees can experience live demonstrations of Open Kitchen's capabilities, including energy management, proactive equipment management, and comprehensive food safety tools.

The Middleby (NASDAQ: MIDD) reported its Q2 2024 financial results. Key highlights include:

- Net sales decreased 4.7% to $992 million
- Diluted EPS of $2.13 and adjusted EPS of $2.39
- Operating income of $176 million, 17.7% of net sales
- Adjusted EBITDA of $216 million with organic adjusted EBITDA margin of 21.8%
- Operating cash flows of $150 million
- Net leverage reduced to 2.3x

Despite challenging market conditions, Middleby reported positive order trends across all three segments compared to Q2 2023. The company's focus on new product innovations and go-to-market strategies is strengthening its position in the foodservice industry.

The Middleby (NASDAQ: MIDD) has announced its schedule for the release of its 2024 second quarter earnings. The company will unveil its financial results on Thursday, August 1, before the market opens. Following the release, Middleby has planned a conference call at 11 a.m. Eastern/10 a.m. Central Time on the same day to discuss the results in detail.

Investors and interested parties can access the conference call through the Investor Relations section of Middleby's official website at www.middleby.com. For those unable to access the website, alternative dial-in options are available: (833) 630-1956 for domestic callers and (412) 317-1837 for international participants.

The Middleby (NASDAQ: MIDD) reported 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 for the first quarter of 2024. Despite a decrease in net sales, the company remains optimistic for improved conditions in the second quarter and the rest of the year. Middleby continues to innovate and address industry trends, positioning itself well for the future.

Powerhouse Dynamics has activated its DemandSmart solution, which automatically executes demand response at scale, allowing clients to generate new revenues by lowering energy use during peak demand. The integration with DemandQ's RTD Hub marks a milestone in demand response and economic dispatch, offering significant revenue opportunities for clients.