Middleby Corp - MIDD STOCK NEWS

The Middleby Corporation (NASDAQ: MIDD) has released its Analyst Day presentation, now available on its investor page. The company is a global leader in the foodservice industry, offering a broad range of solutions for commercial foodservice, food processing, and residential kitchens. Middleby has been recognized as a World’s Best Employer by Forbes in 2022 and emphasizes innovation through its Middleby Innovation Kitchens. For more details, visit www.middleby.com.

The Middleby Corporation (NASDAQ: MIDD) has acquired Escher Mixers, a renowned designer and manufacturer of spiral and planetary mixers used in the industrial baking sector. Located in Vicenza, Italy, Escher boasts annual revenues of $15 million. This acquisition is expected to enhance Middleby's bakery solutions, providing integrated systems that lower operating costs and improve production efficiency. Escher's automated mixing technology is designed to optimize dough processing, contributing to high-quality bakery products with extended shelf life.

The Middleby Corporation (NASDAQ: MIDD) reported a strong third quarter with revenue of $993 million, marking a 21.5% year-over-year increase. The diluted EPS rose to $1.92 and adjusted EPS reached $2.18, up 13.5% year-over-year. Adjusted EBITDA also improved by 23.3% to $212 million, resulting in an organic adjusted EBITDA margin of 22.6%. Recent acquisitions of CP Packaging and Colussi Ermes enhance the company's offerings. Despite facing inflationary pressures and foreign exchange losses of $8.6 million, the outlook remains positive with a strong demand across segments.

The Middleby Corporation (NASDAQ: MIDD) will announce its Q3 2022 earnings on November 9, before the market opens. A conference call to discuss the results is scheduled for 11 a.m. Eastern/10 a.m. Central Time on the same day, accessible via the company's website or by phone. As a leader in the foodservice industry, Middleby manufactures solutions for commercial and residential kitchens and has received accolades like being named a World’s Best Employer by Forbes in 2022.

The Middleby Corporation (NASDAQ: MIDD) reported record quarterly results with net earnings of $113.2 million or $2.07 per share for Q2 2022, alongside net sales of $1,013.6 million, a 25.3% increase year-over-year. Adjusted earnings reached $2.23 per share. Despite ongoing supply chain disruptions and inflationary pressures related to the Ukraine conflict, the company invested in manufacturing capabilities and strategic acquisitions, enhancing its product portfolio. Foreign exchange losses of $5.7 million negatively impacted adjusted earnings per share by $0.08.

The Middleby Corporation (NASDAQ: MIDD) has acquired Colussi Ermes, a leader in automated washing solutions for the food processing industry, located in Pordenone, Italy. The acquisition, valued at approximately $50 million in annual revenues, aims to enhance food safety and sanitation, a key priority in the sector. Colussi's technology minimizes labor, reduces water and energy usage, and is compatible with Middleby’s existing offerings. This strategic acquisition is poised to foster collaboration across Middleby’s portfolio, positioning the company for expanded market opportunities.

The Middleby Corporation (NASDAQ: MIDD) will release its second quarter earnings for 2022 on August 4, before the market opens. Following the earnings report, a conference call will take place at 11 a.m. Eastern Time for investors to discuss the results. The call can be accessed via the company's Investor Relations webpage or by dialing in directly. Middleby is recognized as a leader in the foodservice industry, continuously innovating to provide advanced solutions for commercial and residential kitchens.

The Middleby Corporation (NASDAQ: MIDD) has acquired CP Packaging, a manufacturer of high-speed vacuum packaging equipment based in Appleton, Wisconsin, with annual sales of approximately $15 million. This acquisition aims to enhance Middleby's food processing portfolio by leveraging CP Packaging's innovative systems, which improve sanitation, production speed, and lower operating costs. CEO Tim FitzGerald highlighted the meaningful synergies between packaging brands and food processing platforms, which will strengthen their integrated solutions for customers.

The Middleby Corporation (NASDAQ: MIDD) has acquired Icetro, a South Korean manufacturer specializing in ice, soft serve, and slush machines, boasting annual sales of approximately $40 million. This strategic acquisition enhances Middleby’s beverage portfolio, adding new product lines that improve operational efficiency and food safety. The integration of Icetro’s state-of-the-art production facility will bolster Middleby’s manufacturing capabilities in Asia, supporting expansion in international markets.