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The Middleby Corporation MIDD is poised to benefit from its focus on launching new products and upgrading existing ones per the industry trend. As for innovation, over the past year, the company introduced several products including MP Equipment, Blodgett ImVection, PIZZABOT and others. It is also gaining market share in new and large product categories, including beverage and ice.
The company remains focused on acquiring businesses to gain new customers and access new regions and product lines. In February 2024, it acquired Germany-based GBT GmbH Bakery. The buyout complemented Middleby’s existing bakery brands and strengthened its European presence in large-scale baking. Its acquisition of Trade-Wind Manufacturing in August 2023 strengthened its portfolio of indoor and outdoor residential cooking products.
Also, the buyout of TERRY Water Treatment Solutions in July 2023 bolstered the company’s commercial foodservice operations. In the second quarter of 2024, acquisitions had a positive impact of 0.3% on its sales growth.
Middleby’s sound liquidity position adds to its strength. It exited the second quarter with cash and cash equivalents of $459.5 million, higher than the current maturities of long-term debt of $44.3 million. This implies that MIDD has sufficient cash to meet its current debt obligations.
MIDD Stock’s Price Performance
In the past three months, the Zacks Rank #3 (Hold) company has gained 2.3% against the industry’s 0.3% decline.
However, lower demand for residential kitchen products due to weakness in the housing market is affecting the performance of the Residential Kitchen Equipment Group segment. This is reflected in the segment’s results, which declined 6.2% year over year in the second quarter of 2024. Also, softness in the restaurant industry, due to declining traffic and high wages, is affecting the demand for the company's products within the Commercial Foodservice Equipment Group segment. The segment’s revenues declined 4.1% year over year in the second quarter.
High debt level also remains a concern for MIDD. Exiting the second quarter, its long-term debt remained high at $2.36 billion. Also, the stock looks more leveraged than the industry. Its long-term debt/capital ratio is currently 0.41, higher than 0.33 of the industry.
Stocks to Consider
Some better-ranked companies from the same space are discussed below.
Flowserve Corporation FLS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FLS delivered a trailing four-quarter average earnings surprise of 18.2%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2024 earnings has increased 3.8%.
Crane Company CR presently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 11.2%.
In the past 60 days, the Zacks Consensus Estimate for CR’s 2024 earnings has increased 2%.
Parker-Hannifin Corporation PH currently carries a Zacks Rank of 2. PH delivered a trailing four-quarter average earnings surprise of 2.6%.
In the past 60 days, the consensus estimate for Parker-Hannifin’s fiscal 2025 earnings has increased 1.1%.
Zacks Investment Research
Reporter Name | Palisi Chapin Sarah |
Relationship | Director |
Type | Sell |
Amount | $27,426 |
SEC Filing | Form 4 |
Palisi Chapin Sarah, a Director at MIDDLEBY Corp, sold 200 shares of Common Stock on August 14, 2024, at a weighted average price of $137.13 per share, totaling $27,426. Following the transaction, Sarah directly owns 6,861 shares of the company.
SEC Filing: MIDDLEBY Corp [ MIDD ] - Form 4 - Aug. 16, 2024
The Middleby Corporation MIDD reported second-quarter 2024 adjusted earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27. The bottom line decreased 3.6% year over year due to lower sales.
Net sales of $992 million beat the consensus estimate of $989 million. The top line dipped 4.7% year over year. Organic revenues decreased 4.8%. Acquired assets boosted sales by 0.3% while movements in foreign currencies had a negative impact of 0.2%.
Segmental Results
Sales from the Commercial Foodservice Equipment Group segment (representing 62.5% of net sales) were $619.4 million, down 4.1% year over year. Our estimate was $624.7 million. Organic sales decreased 3.9%. Buyouts had a positive impact of 0.1% while adverse foreign-currency translation lowered sales by 0.2%.
Sales from the Residential Kitchen Equipment Group segment (19.4%) totaled $192.8 million, down 6.2% year over year. Our estimate was $186.9 million. Organic sales plunged 6.7%. Buyouts boosted sales by 0.5%.
Sales from the Food Processing Equipment Group segment (18.1%) summed $179.4 million, down 4.9% year over year. We expected the metric to be $177.3 million. Organic sales decreased 5.7% year over year. Acquisitions boosted sales by 1% while foreign currency movements had an unfavorable impact of 0.3%.
The Middleby Corporation Price and EPS Surprise
The Middleby Corporation price-eps-surprise | The Middleby Corporation Quote
Margin Profile
Middleby’s cost of sales decreased 5.4% year over year to $611.9 million. Gross profit fell 3.5% to $379.6 million. The gross margin increased to 38.3% from 37.8% in the year-ago quarter.
Selling, general and administrative expenses decreased 2.4% year over year to $198.6 million. Operating income declined 4.9% year over year to $175.7 million. Operating margin decreased 10 basis points (bps) to 17.7%.
Adjusted EBITDA declined 5.6% year over year to $216.4 million. Adjusted EBITDA margin fell 20 bps to 21.8%.
Balance Sheet and Cash Flow
Exiting the second quarter, Middleby had cash and cash equivalents of $459.5 million compared with $247.5 million at the end of December 2023. Long-term debt was $2.36 billion at the end of the second quarter compared with $2.38 billion at 2023-end.
In the first six months of 2024, Middleby generated net cash of $290.4 million from operating activities compared with $154 million a year ago. Capital expenditure totaled $24.7 million compared with $48.3 million in the prior-year quarter. Free cash flow was $265.7 million in the first six months of the year compared with $105.6 million in the year-earlier quarter.
Zacks Rank
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Industrial Companies
Pentair plc PNR reported second-quarter adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.15. The reported figure also improved 18% from the year-ago quarter.
Net sales rose 1.6% year over year to $1.1 billion. PNR’s top line outpaced the Zacks Consensus Estimate of $1.09 billion.
Crown Holdings, Inc. CCK reported second-quarter adjusted earnings per share of $1.81, which beat the Zacks Consensus Estimate of $1.59. The bottom line improved 8% year over year.
Net sales totaled $3.04 billion, down 2.2% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $3.06 billion.
A. O. Smith Corporation’s AOS second-quarter adjusted earnings of $1.06 per share missed the Zacks Consensus Estimate of $1.07. However, the bottom line increased 5% on a year-over-year basis.
Net sales of $1.02 billion surpassed the consensus estimate of $992 million. The top line increased 7% year over year, driven by strong demand for residential and commercial water heaters in North America.
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