WBT - WBT STOCK NEWS

Welbilt (NYSE:WBT) has announced the launch of the Largest Smart Restaurant Ecosystem, leveraging partnerships with top IoT companies. This initiative aims to enhance food quality, sustainability, and telemetry through the KitchenConnect cloud platform. Key partners include AT&T, Microsoft, and TeamViewer, providing a comprehensive suite of digital solutions for restaurants. Welbilt aims to streamline operations and drive data-driven decision-making. The ecosystem will be showcased at the National Restaurant Association show from May 21 to May 24.

AT&T, Microsoft, and Welbilt are collaborating to transform restaurant operations by digitizing kitchen management. Their joint effort focuses on leveraging AT&T's IoT networks and Microsoft's Azure Sphere technology to improve efficiency, reduce costs, and enhance food quality in commercial kitchens. The KitchenConnect platform allows restaurant owners to monitor equipment, ensure food safety, and save significantly on maintenance and operational costs. This initiative is aimed at driving digital transformation within the foodservice industry, particularly amidst ongoing labor challenges and rising costs.

Welbilt, Inc. (NYSE: WBT) reported a strong first quarter in 2022 with net sales from continuing operations at $333 million, up 31.5% year-over-year. Earnings from continuing operations reached $23.1 million, indicating a significant recovery from $7.2 million in the prior year. Adjusted Operating EBITDA also improved to $40.3 million with a margin of 12.1%. However, the company faced challenges from ongoing supply chain disruptions, resulting in a cash use of $49.9 million in operations. Net earnings were $2.9 million, down from $7.9 million last year. The liquidity position stood at $342.2 million as of March 31, 2022.

Welbilt has announced a definitive agreement to sell its Manitowoc Ice business to Pentair for approximately $1.6 billion in cash. Manitowoc Ice, which generated around $308 million in sales in 2021, designs and manufactures ice machines and equipment. The transaction is expected to close in the first half of 2022, pending regulatory approvals in the U.S., U.K., and European Union. This sale is seen as a strategic move to facilitate Welbilt's ongoing acquisition by Ali Group.

Pentair plc (NYSE: PNR) announced the acquisition of Manitowoc Ice for $1.6 billion, with a net value of approximately $1.38 billion after tax benefits. This strategic move aims to enhance Pentair’s Water Solutions platform, focusing on the foodservice industry. The acquisition is expected to contribute about $0.25 to Adjusted EPS in 2023 and $0.40 in 2025. Manitowoc Ice reported $308 million in revenue for 2021 with EBITDA margins around 30%. The deal is anticipated to close by Q2 2022, subject to regulatory approvals.

Welbilt, Inc. (NYSE: WBT) reported impressive financial results for Q4 2021, with net sales reaching $423 million, a 32.2% increase year-over-year, and organic net sales rising by 32.3%. Earnings from operations were $47.3 million, while net earnings were $13.8 million, a decline from $20.2 million in Q4 2020. Adjusted operating EBITDA was $77 million, up 28.3%, yet EBITDA margin decreased to 18.2%. For the full year, net sales totaled $1.55 billion, up 34.1%. Despite ongoing supply chain disruptions, liquidity stood at $407.6 million, reflecting a solid balance sheet.

Welbilt (NYSE: WBT) announced the integration of Microsoft Azure Sphere into its KitchenConnect platform to enhance security for its internet-connected equipment. This partnership with HCL Technologies aims to secure communication and increase scalability and functionality in the foodservice industry. The KitchenConnect solution, which optimizes kitchen operations through telemetry, promises improved efficiency and reduced costs. Leaders from both companies emphasized the significance of the collaboration in advancing digital solutions in foodservice.

Welbilt, Inc. (WBT) reported robust financial results for Q3 2021, with net sales reaching $411.5 million, a 37.9% increase year-over-year. Organic net sales rose 36.1%. Earnings from operations improved to $52.6 million, reflecting a margin of 12.8%. Adjusted Operating EBITDA was $75.1 million, with an 18.3% margin. Net earnings hit $24.9 million, up from $4.9 million the previous year. Despite challenges, such as supply chain disruptions and inflationary pressures, Welbilt maintained strong liquidity, concluding the quarter with $397.3 million in total global liquidity.

Welbilt (NYSE:WBT) shareholders approved a merger agreement with Ali Group, with an overwhelming 99.72% of votes in favor. The companies have filed necessary regulatory documents in the U.S., UK, and EU, and are addressing concerns raised by the U.S. Department of Justice regarding their ice brands. To facilitate approval, Welbilt plans to divest its Manitowoc Ice brand, anticipated for completion in early 2022. The acquisition aims to enhance market position and drive growth, with regulatory approval expected following the divestment.