Middleby Corp - MIDD STOCK NEWS

The Middleby Corporation (NASDAQ: MIDD) reported a strong third quarter for 2021, with net earnings of $176 million or $3.09 per share, on net sales of $817.5 million, marking a 28.8% increase year-over-year. Adjusted net earnings were $106.4 million, or $1.92 per share. Record backlog reached $1.2 billion, driven by demand across all segments. The company faces challenges from supply chain disruptions and rising costs but is managing these proactively. They have also made strategic acquisitions and investments in technology to support future growth.

The Middleby Corporation (NASDAQ: MIDD) announced it will release its 2021 third quarter earnings on November 9 before market opening. A conference call is scheduled for 11 a.m. Eastern on the same day, accessible via the company's website or by phone. The Middleby Corporation is a leading player in the foodservice equipment industry, offering a diverse range of products for commercial foodservice, food processing, and residential kitchen sectors. Investors can expect insights on financial performance during the upcoming earnings call.

1847 Goedeker Inc. has appointed Selim Bassoul and Alan Shaw to its Board of Directors as part of its board refresh process. This move follows a cooperation agreement with Kanen Wealth Management, which provided input on these changes. With this, nearly half of the board has been appointed within a year. Paul Froning will retire from the board, acknowledging that the company is entering a new phase post the Appliances Connection acquisition. This strategic decision aims to enhance operational expertise and support growth initiatives in the household appliances market.

The Middleby Corporation (NASDAQ: MIDD) announced the acquisition of Imperial Commercial Cooking Equipment, based in Corona, California, for approximately $40 million in annual revenues. This acquisition enhances Middleby's brand portfolio and expands its presence on the West Coast. CEO Tim FitzGerald emphasized synergies between the companies, with Imperial's manufacturing capabilities expected to improve efficiency. The deal positions Middleby to leverage Imperial's established presence in the fast-casual restaurant segment, aiming for greater global reach and customer support.

The Middleby Corporation (NASDAQ: MIDD) reported strong financial results for Q2 2021, with net earnings of $120.6 million, or $2.13 per diluted share, on net sales of $808.8 million, marking a 71.4% increase year-over-year. Adjusted net earnings stood at $116.8 million. The company's backlog reached a record $994.2 million, a 90% increase from the previous year. Despite facing supply chain disruptions and rising material costs, Middleby is confident in its ability to navigate challenges and capitalize on growth opportunities in foodservice, residential kitchen, and food processing sectors.

The Middleby Corporation (NASDAQ: MIDD) is set to release its second-quarter earnings for 2021 on August 12, prior to market opening. A conference call will follow at 11 a.m. ET to discuss the results, accessible via the company’s Investor Relations page or by phone at (888) 391-6937. Middleby is a leader in the foodservice equipment market, manufacturing a vast array of products for commercial and residential use across various brands. Investors are keenly awaiting financial metrics and guidance that may influence stock performance.

Middleby Corporation (NASDAQ: MIDD) announced it will not modify the Merger Agreement with Welbilt, Inc. (NYSE: WBT) and will let the five-day match period expire, leading to the agreement's termination. Middleby will receive a $110 million termination fee from Welbilt, enhancing its financial position for future acquisitions. CEO Timothy FitzGerald highlighted the strategic value of the agreement for shareholders and affirmed confidence in Middleby's growth and profitability prospects amid ongoing industry momentum.

The Middleby Corporation (NASDAQ: MIDD) announced the acquisition of Novy, a Belgian manufacturer of premium residential ventilation hoods and cooktops, boasting annual sales of approximately $90 million USD and EBITDA margins over 20%. CEO Tim FitzGerald emphasized the strategic importance of Novy's innovative products, which will enhance their portfolio and drive sales growth in the U.S. and U.K. markets. This acquisition aims to expand Middleby’s presence in the growing built-in kitchen segment globally.

The Middleby Corporation (NASDAQ: MIDD) has revised its Q2 2021 and fiscal year 2021 forecasts, projecting revenues of $808 million and adjusted EBITDA of $186 million, surpassing prior estimates. This strong outlook is driven by increased customer orders, particularly in the Residential Kitchen segment, and anticipated record backlog exceeding $1 billion. The company also reiterated confidence in its merger with Welbilt, projecting significant cost synergies valued at over $3 per Welbilt share. Analysts have raised Middleby’s price targets, reflecting positive sentiment on the merger.