Middleby Corp Stock Price, News & Analysis

The Middleby Corporation (NASDAQ: MIDD) has acquired Icetro, a South Korean manufacturer specializing in ice, soft serve, and slush machines, boasting annual sales of approximately $40 million. This strategic acquisition enhances Middleby’s beverage portfolio, adding new product lines that improve operational efficiency and food safety. The integration of Icetro’s state-of-the-art production facility will bolster Middleby’s manufacturing capabilities in Asia, supporting expansion in international markets.

The Middleby Corporation (NASDAQ: MIDD) has announced the acquisition of Proxaut, an Italian manufacturer of Auto Guided Vehicles (AGVs) tailored for the food industry, with annual sales of approximately $15 million. This acquisition is part of Middleby's strategy to enhance its automation solutions and capitalize on the increasing demand for Industry 4.0 applications in food processing. The integration of Proxaut's laser-guided technology is expected to improve operational efficiency, reduce labor needs, and streamline workflows.

The Middleby Corporation (NASDAQ: MIDD) reported robust financial results for Q1 2022, with net earnings of $85.8 million ($1.52 EPS) and net sales of $994.7 million, marking a 31.2% increase year-over-year. Adjusted net earnings reached $116.3 million ($2.13 EPS). Despite inflation and supply chain challenges, the company maintained strong profitability and reported organic sales growth across all segments. Operating cash flows showed a deficit of $15.3 million, impacted by seasonality and inflation. The company remains optimistic about long-term growth supported by strong demand and a growing backlog.

The Middleby Corporation (NASDAQ: MIDD) will report first quarter earnings for 2022 on May 10 before the market opens. A conference call is scheduled for 11 a.m. Eastern Time to discuss the results, accessible via the Investor Relations section of the company’s website or by phone. Middleby is recognized as a leader in the foodservice industry, offering innovative solutions for commercial and residential kitchens. The company was named a World’s Best Employer by Forbes in 2022.

The Middleby Corporation (NASDAQ: MIDD) reported fourth-quarter net earnings of $102.7 million, or $1.80 EPS, on net sales of $866.4 million in 2021. Adjusted net earnings were $117.1 million, or $2.11 adjusted EPS. Full-year sales and earnings reached record levels across all segments, supported by strategic acquisitions like Kamado Joe and Masterbuilt. However, fourth-quarter earnings were impacted by the recent grill acquisitions and ongoing supply chain disruptions, with operating cash inflows dropping significantly from $208.6 million to $77.4 million year-over-year.

The Middleby Corporation (NASDAQ: MIDD) announced its fourth quarter earnings release for 2021, scheduled for February 22 before market opening. A conference call will follow at 11 a.m. Eastern to discuss results. Investors can join via the company's website or by phone. Middleby is a prominent player in the foodservice equipment industry, manufacturing a range of equipment for commercial, food processing, and residential kitchens. For more details, visit www.middleby.com.

The Middleby Corporation (NASDAQ: MIDD) has completed acquisitions of Masterbuilt Holdings and Char-Griller, enhancing its outdoor product offerings. These brands, including Kamado Joe, contribute to Middleby Residential surpassing $1 billion in revenues. Char-Griller alone generated approximately $150 million in 2021. CEO Tim FitzGerald indicated that these acquisitions offer synergies in supply chain, manufacturing, and distribution, positioning the company for long-term growth amidst rising demand for residential outdoor cooking.

Dominus Capital, L.P. has agreed to sell its outdoor cooking brands, Masterbuilt and Kamado Joe, to Middleby Corporation (NASDAQ:MIDD). This acquisition aims to enhance innovation in charcoal grilling. Masterbuilt's CEO expressed excitement about joining Middleby, highlighting previous growth initiatives with Dominus. The deal is set to close by year-end 2021, pending regulatory approval. Financial advisors for the transaction included William Blair and Sawaya Partners, while White & Case LLP provided legal counsel.

The Middleby Corporation (NASDAQ: MIDD) has announced the acquisition of Masterbuilt Holdings LLC for $385 million, enhancing its position in the outdoor residential cooking market. Masterbuilt, known for the Kamado Joe and Masterbuilt brands, generated approximately $250 million in net sales in 2021. The transaction, set to close in December 2021, aims to leverage synergies in product innovation and distribution. This acquisition aligns with the trend of increased consumer interest in outdoor cooking, particularly with charcoal products.