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The Middleby Corporation's revenues declined during the pandemic, but have since recovered to over $4 billion due to continued M&A activity. The company manufactures a wide range of equipment for the restaurant industry and has a well-diversified set of products. The valuation of The Middleby Corporation is currently below historical levels, presenting an opportunity for investors to gain exposure to the restaurant and hotel industry.
Middleby (MIDD) reported earnings 30 days ago. What's next for the stock?
Middleby's (MIDD) third-quarter 2023 results benefit from lower costs, partly offset by weakness in the residential business and housing market.
The Middleby Corporation (MIDD) Q3 2023 Earnings Call Transcript
Middleby (MIDD) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
MIDD exceeded earnings expectations in 2Q23 with strong results in revenue and margins. Inventory destocking pressure is easing, and sales segment is reaching an inflection point. I anticipate revenue to accelerate in 2H23 as backlog normalizes.
Weakness in the Residential Kitchen Equipment Group segment, increasing costs and unfavorable foreign-currency movements are weighing on Middleby's (MIDD) operations.
Middleby's (MIDD) Q2 results benefit from higher revenues, which are driven by contribution from acquired assets.
The Middleby Corporation (NASDAQ:MIDD ) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET Company Participants Timothy FitzGerald - Chief Executive Officer James Pool - Chief Technology and Operations Officer Bryan Mittelman - Chief Financial Officer Steven Spittle - Chief Commercial Officer Conference Call Participants Saree Boroditsky - Jefferies Mircea Dobre - Baird Jeffrey Hammond - KeyBanc Capital Markets Tami Zakaria - JPMorgan Lawrence De Maria - William Blair Todd Brooks - The Benchmark Company Brian McNamara - Cannacord Genuity Operator Thank you for joining the Middleby Second Quarter 2023 Conference Call. With us today from management are CEO, Tim FitzGerald; CFO, Bryan Mittelman; Chief Operating and Technology Officer, James Pool; and Chief Commercial Officer, Steve Spittle.
Middleby (MIDD) came out with quarterly earnings of $2.47 per share, beating the Zacks Consensus Estimate of $2.32 per share. This compares to earnings of $2.23 per share a year ago.