Published on 9 May 2024 on Zacks via Yahoo Finance

Middleby (MIDD) Q1 Earnings & Sales Miss Estimates, Down Y/Y

The Middleby Corporation MIDD reported first-quarter 2024 adjusted earnings of $1.89 per share, which missed the Zacks Consensus Estimate of $2.04. The bottom line decreased 14.1% year over year due to lower sales.Net sales of $927 million missed the consensus estimate of $977 million. The top line dipped 8% year over year. Organic revenues in the reported quarter decreased 8.7%. Acquired assets boosted sales by 0.4% while movements in foreign currencies also had a positive impact of 0.4%.

Segmental Results

Sales from the Commercial Foodservice Equipment Group segment (representing 63.7% of net sales) were $590.3 million, down 3.8% year over year. Our estimate was $610.8 million. Organic sales in the reported quarter decreased 4.2%. Buyouts and foreign-currency translation had a positive impact of 0.2%, each on sales.Sales from the Residential Kitchen Equipment Group segment (18.7%) totaled $173.9 million, down 21% year over year. Results were hurt by weakness in residential kitchen industry. Organic sales plunged 22.3%. Buyouts boosted sales by 0.5% while favorable foreign currency movements had a positive impact of 0.9%.Sales from the Food Processing Equipment Group segment (17.6%) summed $162.7 million, down 6.2% year over year. We suggested the metric to be $174.4 million. Organic sales decreased 7.7% year over year. Acquisitions boosted sales 1% while foreign currency movements had a favorable impact of 0.4%.