Middleby's Q3 Earnings and Sales Miss Estimates, Decline Y/Y

Zacks11-01

The Middleby Corporation MIDD reported third-quarter 2024 adjusted earnings of $2.33 per share, which missed the Zacks Consensus Estimate of $2.47. The bottom line decreased 1.7% year over year due to...

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The bottom line decreased 1.7% year over year due to...</p>\n\n<a href=\"https://finance.yahoo.com/news/middlebys-q3-earnings-sales-miss-153600905.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Middleby's Q3 Earnings and Sales Miss Estimates, Decline Y/Y</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMiddleby's Q3 Earnings and Sales Miss Estimates, Decline Y/Y\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-01 23:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/middlebys-q3-earnings-sales-miss-153600905.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Middleby Corporation MIDD reported third-quarter 2024 adjusted earnings of $2.33 per share, which missed the Zacks Consensus Estimate of $2.47. The bottom line decreased 1.7% year over year due to...</p>\n\n<a href=\"https://finance.yahoo.com/news/middlebys-q3-earnings-sales-miss-153600905.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GHM","symbol_name":"Graham Corp","start_time":0,"source_url":"https://finance.yahoo.com/news/middlebys-q3-earnings-sales-miss-153600905.html","article_id":"2480121832","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/kSWIWS1lekBBnMZ1yqAi5g--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/be7e4568354d5fc923659849e7efe238"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2480121832","pubTimestamp":1730475360,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"The Middleby Corporation MIDD reported third-quarter 2024 adjusted earnings of $2.33 per share, which missed the Zacks Consensus Estimate of $2.47. The bottom line decreased 1.7% year over year due to lower sales.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Net sales of $942.8 million missed the consensus estimate of $997 million. The top line declined 3.9% year over year. Organic sales decreased 4.1%. Acquired assets boosted sales by 0.2%, while movements in foreign currencies had a positive impact of 0.1%.For the fourth quarter, the company expects sales from the Commercial Foodservice segment to be flat on a sequential basis. Sales from the Residential Kitchen segment are anticipated to be near the year-ago quarter level and increase sequentially, while Food Processi","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"GHM":"Graham Corp","PH":"汉尼汾","GHC":"格雷厄姆控股","MIDD":"The Middleby Corporation"},"translate_title":"米德尔比第三季度盈利和销售额未达预期，同比下降","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MIDD":1,"GHC":0.9,"GHM":0.9,"PH":0.9},"content_text":"The Middleby Corporation MIDD reported third-quarter 2024 adjusted earnings of $2.33 per share, which missed the Zacks Consensus Estimate of $2.47. The bottom line decreased 1.7% year over year due to lower sales.\nStay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Net sales of $942.8 million missed the consensus estimate of $997 million. The top line declined 3.9% year over year. Organic sales decreased 4.1%. Acquired assets boosted sales by 0.2%, while movements in foreign currencies had a positive impact of 0.1%.\nSegmental Results\nSales from the Commercial Foodservice Equipment Group segment (representing 63.7% of net sales) were $600.1 million, down 5.3% year over year. Organic sales decreased 5.3%. Buyouts did not have any material impact on sales, while foreign-currency translation had an adverse impact of 0.1%.Sales from the Residential Kitchen Equipment Group segment (18.3%) totaled $173.2 million, down 3.8% year over year. Our estimate was $189.2 million. Organic sales plunged 4.5%. Buyouts boosted sales by 0.1%, while foreign-currency translation had a positive impact of 0.6%.Sales from the Food Processing Equipment Group segment (18%) summed $169.5 million, up 1.7% year over year. We expected the metric to be $180 million. Organic sales increased 0.7% year over year. Acquisitions boosted sales by 0.8%, while foreign currency movements had a favorable impact of 0.2%.\n\nMiddleby Price, Consensus and EPS Surprise\n  \nMiddleby price-consensus-eps-surprise-chart | Middleby Quote\n\nMIDD’s Margin Profile\nMiddleby’s cost of sales decreased 3% year over year to $587.4 million. Gross profit fell 5.3% to $355.4 million. The gross margin decreased to 37.7% from 38.3% in the year-ago quarter.Selling, general and administrative expenses decreased 8.6% year over year to $179.5 million. Operating income declined 0.6% year over year to $173.4 million. Operating margin increased 60 basis points (bps) to 18.4%.Adjusted EBITDA declined 5.4% year over year to $213 million. Adjusted EBITDA margin fell 40 bps to 22.6%.\nBalance Sheet and Cash Flow\nExiting the third quarter, Middleby had cash and cash equivalents of $606 million compared with $247.5 million at the end of December 2023. Long-term debt was $2.36 billion at the end of the third quarter compared with $2.38 billion at 2023-end.In the first nine months of 2024, Middleby generated net cash of $447.1 million from operating activities compared with $373.1 million in the year-ago period. Capital expenditure totaled $36.2 million compared with $69.6 million in the year-ago-period. Free cash flow was $410.9 million in the first nine months of the year compared with $303.5 million in the year-ago period.\nMiddleby’s Q4 Outlook\nFor the fourth quarter, the company expects sales from the Commercial Foodservice segment to be flat on a sequential basis. Sales from the Residential Kitchen segment are anticipated to be near the year-ago quarter level and increase sequentially, while Food Processing sales are expected to increase on both year-over-year and sequential basis.\nZacks Rank & Key Picks\nMIDD currently carries a Zacks Rank #3 (Hold).\nHere are some better-ranked stocks from the same space:Graham Corporation GHM currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.GHM delivered a trailing four-quarter average earnings surprise of 133.2%. In the past 60 days, the Zacks Consensus Estimate for Graham’s fiscal 2025 earnings has remained stable.Ingersoll-Rand plc IR presently carries a Zacks Rank of 2. IR delivered a trailing four-quarter average earnings surprise of 11%.In the past 60 days, the consensus estimate for Ingersoll-Rand’s 2024 earnings has inched up 0.6%.Parker-Hannifin Corporation PH currently carries a Zacks Rank of 2. PH delivered a trailing four-quarter average earnings surprise of 11.2%.In the past 60 days, the consensus estimate for Parker-Hannifin’s fiscal 2025 (ending June 2025) earnings has increased 0.3%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nParker-Hannifin Corporation (PH) : Free Stock Analysis Report\nIngersoll Rand Inc. (IR) : Free Stock Analysis Report\nThe Middleby Corporation (MIDD) : Free Stock Analysis Report\nGraham Corporation (GHM) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480121832"}