Overview
- Middleby reported first-quarter net sales up 15% year over year to $839.9 million, with organic growth of 11.9% and adjusted EBITDA rising to $180.6 million.
- On a GAAP basis the company posted a net loss of $50.1 million, or $1.06 per share, while adjusted earnings of $2.16 per share topped Zacks forecasts.
- Food Processing led momentum with 25% organic growth and a growing order backlog that reached $416 million.
- Management said it repurchased more than $520 million of stock this year, cutting the share count by about 7%, and it reduced net debt to $1.7 billion with total leverage of roughly 2.3 times.
- Guidance calls for Q2 EPS of $2.27 to $2.39 and revenue of $815 million to $850 million, with a full-year EPS outlook of $9.54 to $9.70, ahead of an Investor Day next week and the planned separation on July 6.