Middleby Q2 net sales $992M (-4.7% YoY); EPS $2.13 ($2.39 adjusted)

MIDDLEBY Corp

2024-Q2 EPS reported $3.72 revenue$1,918,472,000

Diluted GAAP EPS $2.13; adjusted EPS $2.39; operating income $176M (17.7% of sales).
Organic sales -4.8% YoY; Commercial Foodservice -3.9%, Residential -6.7%, Food Processing -5.7%.
Adjusted EBITDA $216M (21.8% organic margin); operating cash flow $149.5M (record).
Net leverage reduced to 2.3x; net debt $2.0B vs $2.2B at FY 2023 end.
Orders trended positively in all three segments vs Q2 2023; positioned for H2 growth.

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