MIDD Stock Recent News

Middleby's (MIDD) first-quarter 2024 net sales decline 8% year over year on account of the lackluster performance of its segments.

The Middleby Corporation (NASDAQ:MIDD ) Q1 2024 Earnings Conference Call May 8, 2024 11:00 AM ET Company Participants Tim FitzGerald - Chief Executive Officer James Pool - Chief Technology Officer & Chief Operations Officer Bryan Mittelman - Chief Financial Officer Steve Spittle - Chief Commercial Officer Steve Spittle - Vice President of Investor Relations Conference Call Participants Mig Dobre - Baird Jeff Hammond - KeyBanc Capital Markets Saree Boroditsky - Jefferies Tami Zakaria - JPMorgan Brian McNamara - Canaccord Genuity Walt Liptak - Seaport Res Operator Thank you for joining us for The Middleby Corporation First Quarter 2024 Conference Call. With us today from management are CEO, Tim FitzGerald; CFO, Bryan Mittelman; Chief Technology and Operations Officer, James Pool; Chief Commercial Officer, Steve Spittle and Vice President of Investor Relations, John Joyner.

The headline numbers for Middleby (MIDD) give insight into how the company performed in the quarter ended March 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Middleby (MIDD) came out with quarterly earnings of $1.89 per share, missing the Zacks Consensus Estimate of $2.04 per share. This compares to earnings of $2.19 per share a year ago.

Get a deeper insight into the potential performance of Middleby (MIDD) for the quarter ended March 2024 by going beyond Wall Street's top -and-bottom-line estimates and examining the estimates for some of its key metrics.

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The Middleby Corporation's stock has only seen a 0.9% increase since February 2023, compared to the S&P 500's 28.1% increase. The company's revenue growth has been mixed, with the Commercial Foodservice and Food Processing segments showing impressive results, while the Residential Kitchen segment experienced a significant decline. Despite a decline in net income, Middleby's operating cash flow and EBITDA have improved, and the company is pursuing initiatives to improve profitability and target specific markets.

The Middleby (MIDD) reported earnings 30 days ago. What's next for the stock?

Middleby (MIDD) is set to gain from strength in the Food Processing segment and the accretive acquisitions. Its measures to reward its shareholders are noteworthy.