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ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Emery Thompson, a well-known, global brand in frozen dessert equipment. Located in Brooksville, Florida, the company has revenues of $10 million annually. “Emery Thompson is a highly respected, well-established brand that will greatly enhance our product offerings in the frozen dessert category. As gelato, frozen yogurt and custard, sorbet, hard ice cream, sherbet and Italian ice continue to.
MIDD gains from solid product offerings, acquired assets and a strong liquidity position. However, the soft residential kitchen equipment business is a woe.
MIDD upgraded from sell to hold rating due to potential for strong organic growth acceleration in Commercial Foodservice segment. 2Q24 results show decline in revenue, but CF segment EBITDA margin held up well. Macro changes including lower inflation and interest rates may lead to an improved demand environment, but more data needed before confirming growth cycle.
Middleby's (MIDD) second-quarter 2024 net sales decline 4.7% year over year on account of the lackluster performance of its segments.
Although the revenue and EPS for Middleby (MIDD) give a sense of how its business performed in the quarter ended June 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Middleby (MIDD) came out with quarterly earnings of $2.39 per share, beating the Zacks Consensus Estimate of $2.27 per share. This compares to earnings of $2.47 per share a year ago.
Middleby (MIDD) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.
Middleby (MIDD) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Softness in the Commercial Foodservice segment and unfavorable foreign-currency movement weigh on Middleby's (MIDD) operations.
Middleby (MIDD) is set to gain from a robust product portfolio and accretive acquisitions. The company's measures to reward its shareholders are noteworthy.